Bitcoin's Price Surges Above $56K: Here's Why?
Trading Volume of “New Nine” Spot Bitcoin ETF Breaks Records!
After being quiet for about two weeks, the biggest cryptocurrency, Bitcoin (BTC), surged past $57,000 today. Right now, its price is up by 9.62%, at $56,486. This is the first time since 2021 that its total value, known as market cap, has gone over $1.1 trillion.
This surge occurred as the S&P 500 dipped by 0.5% on Monday, February 26, highlighting Bitcoin's resilience with a remarkable 10% gain.
This suggests that Bitcoin and the broader crypto markets are becoming less reliant on traditional equities. Historically, there hasn't been a strong correlation between cryptocurrency and stock markets, often leading to significant increases in Bitcoin and Altcoins.
Bitcoin (BTC), the oldest and most valuable crypto globally, reclaimed the $55K mark for the first time since November 2021 before briefly hitting $57K and then settling lower. Many attribute this recent rally to growing investor confidence in Bitcoin exchange-traded funds (ETFs). Other major coins such as Ethereum, Dogecoin, Solana, Ripple and Litecoin also experienced gains. The meme coin PEPE saw the most significant increase, surging over 51% in 24 hours, while Worldcoin (WLD) suffered the largest decline, dropping nearly 14% in the same period.
Top Reasons For Bitcoin Price Surge
Bitcoin surged past $57,000 during Asia's trading session on Tuesday, hitting a two-year high.
The surge is attributed to significant institutional investment, indicating renewed interest from large buyers.
Ether, Bitcoin's counterpart, also reached a milestone, surpassing $3,200 for the first time in two years.
Recent revelations from MicroStrategy, a crypto investor and software company, contributed to Bitcoin's rise. They disclosed acquiring around 3,000 bitcoins, a $155 million investment.
Influential players strategic moves in the crypto space have boosted investor confidence and propelled Bitcoin's trajectory upwards.
Bitcoin's bullish momentum was further boosted by the approval of bitcoin-based exchange-traded funds (ETFs) in the United States.
This regulatory approval injected fresh optimism into the cryptocurrency market and led to increased trading volumes within these ETFs.
Consequently, companies linked to cryptocurrencies experienced a significant increase in their stock prices, contrasting with the cautious sentiment in broader financial markets.
Discover more detailed insights about the recent surge in Bitcoin and Ether prices, along with the latest developments in the cryptocurrency market, by visiting Coinpedia's website.
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