The cryptocurrency leader rises for the fifth consecutive day this Wednesday and Ethereum reaches two-year highs.
Bitcoin rises for the fifth consecutive day this Wednesday to touch US$60,000, driven by flows towards new BTC spot exchange products in the US that have made it rise more than 39% in February, which would mark its biggest rebound monthly since December 2020.
The cryptocurrency leader advances 4.6% to $59,131, highs since December 2021, while Ethereum up 1.2% to $3,298, another two-year high. Meanwhile, the rest of the cryptocurrencies operate with profits of up to 3%.
Traders have flocked to bitcoin ahead of the halving event in April, a process designed to slow down the release of bitcoins.
Every four years, the reward for mining bitcoin transactions is halved, to help the virtual currency be a scarce resource and resistant to inflation.
Bitcoin ETF: the origin of the rally
Since its launch, the Bitcoin Spot ETF They accumulated holdings that represent more than 3% of all bitcoins currently in existence.
Analysts expect the current trend to continue and advance that it is possible that bitcoin will reach a new all-time high, reaching over US$69,000 in the coming weeks.
Likewise, he highlighted that currently, 70% of all bitcoins in circulation have not moved in more than a year and the amount available for cbuy on the trading exchanges It is at the lowest level since the beginning of 2018.
Source: Ambito
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