Last updated on May 18th, 2024 at 12:11 pm
Bitcoin, the largest cryptocurrency by market cap surpassed $59k on February 28 for the first time since November 2021. The entire crypto community is blazing with excitement about the progression and hopes for a further upward trend.
The bull sentiment continues across the crypto market. This is reflected in the crypto fear & greed index figure for today, sitting at 82 representing a 3 points shift from yesterday’s 79 according to Alternative data. This is the highest level it has reached in over a year implying “extreme greed.”
Source: Alternative
As a result, many altcoins including Ethereum (ETH), XRP, Dogecoin (DOGE), and Shiba Inu (SHIB) have recorded impressive gains of 3.16%, 5%, 3.6%, and 5.3% in the last 24 hours.
How soon can BTC reach $60k?
Over the past several weeks, the most popular cryptocurrency has been leading the crypto market in a price rally, exhibiting impressive growth and chasing new highs.
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Over the weekend, it traded around $51k-$52k, but the story changed on Monday morning. The bulls held strong and drove the price to $53k and then even further to test $57k on Tuesday.
However, on Wednesday, Feb 28, a new rally began, sending the price of the digital asset above the $59,000 mark for the first time since the bull run in November 2021.
The price increase occurred due to demand generated by spot bitcoin exchange-traded funds (ETFs), which had cumulative trading volumes of over $3 billion on Tuesday. Some traders also attributed a pre-halving spike in bitcoin to the anticipated halving event in April.
According to Coinglass data, futures bets on lower bitcoin prices have taken on $25 million in liquidations since Asian morning hours, which could have contributed to the price rise.
With this steady increase in BTC value, investors eye the next milestone of $60k. If the positive sentiment continues and more money is pumped into the market, we might be reaching $60,000 shortly.
At the time of writing, Bitcoin (BTC) is trading at $59,153 according to Coinstats data, representing a 4.37% increase over the last 24 hours. In addition, BTC has a 24-hour trading volume of $113,229,963,313 ($113 billion) and a live market cap of $1.16 billion.
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Read more: Crypto Price Analysis 02/27: Dogecoin (DOGE), Will The Rise Continue?
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.