24hoursworld

An excellent month for cryptocurrencies: Bitcoin rose 40% in February alone

An excellent month for cryptocurrencies: Bitcoin rose 40% in February alone
February 29, 2024 – 19:04

After the approval of the Bitcoin spot ETF, the market rose, corrected and soared again very strongly. What could happen in March while waiting for the halving.

An excellent month for cryptocurrencies: Bitcoin climbed 50% in February alone

Depositphotos

After a strong rally, Bitcoin moderated the increases and after approaching US$64,000 it fell to US$61,000 on the last day of the month. In the last 30 days, it climbed 41%, the same levels as January and thus beat the dollar Yet the inflation.

It should be noted that in January, The Securities and Exchange Commission (SEC) decided to approve Bitcoin ETFs in cash, providing the kind of legitimacy that many investors were hoping for. The price rose, then had a correction, but finally the rise was strongly consolidated.

At the same time, we are in the run-up to the Bitcoin halving, a event in which the block reward is divided in half in order to reduce its issuance level. It was initially implemented in Bitcoin and since then it is one of the most important processes in its economic system.

In turn, Mikkel Morch, founder of the ARK36 digital asset investment fund, believes that the latest rally was due to MicroStrategy purchasing additional bitcoins. Which implies that both hoarding and institutional hoarding are growing strongly.

In parallel, the market capitalization of all cryptocurrencies grew almost 3% in the last 24 hours to $2.2 trillion. Many analysts suggest that Bitcoin could surpass $70,000 in the coming weeks, just before the havling.

How cryptocurrencies fared in February

  • DOGECOIN +45.53%
  • ETHEREUM +44.4%
  • BITCOIN +41.2%
  • BINANCE COIN +36%
  • CARDANO +29.4%
  • SOLANA 21.2%
  • RIPPLE +9.9%

Source: Ambito

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest Posts