Crypto Price on February 29: Bitcoin rises above $59,500 for the first time since November 2021

Bitcoin, the world’s largest cryptocurrency, soared for a fifth day on Wednesday, approaching $59,500 for the first time since November 2021, boosted by flows into new US spot Bitcoin exchange-traded products, which have sent it up about 40% in February.

Bitcoin was last up 4.6% at $59,186, its highest level since December 2021, while Ethereum was up 3.1% at $3,354, marking another two-year high. Meanwhile, the global cryptocurrency market capitalization increased 3.53% to approximately $2.22 trillion in the last 24 hours.

Bitcoin has reached a new milestone by hitting the $59,000 mark. This jump can be due to significant trading activity in Bitcoin spot ETFs, totaling $3 billion, indicating increased market demand.

Furthermore, the impending Bitcoin halving event, a historical trigger for price increases, adds to the optimistic picture. Given the present trend of increased demand and hopeful feeling among investors, there is a great possibility that Bitcoin may soon surpass its previous all-time high.

The latest Bitcoin bull run, which is mostly driven by supply pressure from large inflows into Bitcoin ETFs, has propelled the cryptocurrency to an all-time high in India. The present surge is projected to continue far until April 2024, when the halving will occur.

Following the halving event, supply pressure will increase further, potentially driving the BTC price even higher. We can expect BTC to reach $100,000 by the end of 2024 assuming macroeconomic conditions continue favorable.

Other major cryptocurrencies, including XRP, Dogecoin, Uniswap, and Shiba Inu, rose 4-6%. Tron, Polkadot, Toncoin, Avalanche, and BNB all had price gains.

DeFi’s total volume is currently $8.51 billion, accounting for 8.13% of the total cryptocurrency market’s 24-hour volume. According to CoinMarketCap data, the entire amount of stablecoins is now $94.3 billion, accounting for 90.14% of the whole crypto market’s 24-hour volume.

Bitcoin, the world’s largest cryptocurrency, has seen its market capitalization rise to $1.163 trillion in the last 24 hours. According to CoinMarketCap, Bitcoin presently has a dominance of 52.48%. BTC volume declined 7% in the last 24 hours, reaching $45.98 billion.