Bitcoin reclaims $54k two years after painful crash at the start of winter

Bitcoin (BTC) surged 6% on Feb. 26 to a fresh two-yr excessive of $54,910 after US markets started procuring and selling, a signal of rising curiosity within the flagship crypto from retail and institutional merchants.

Bitcoin change into once procuring and selling at roughly $54,650 as of press time, up 5.6% on a day to day basis, with a market cap of $1.07 trillion, per CryptoSlate recordsdata.

Beginning of chilly climate

The final time Bitcoin change into once procuring and selling at these stages change into once in December 2021 — 21 days after it hit a fresh all-time excessive of $69,044 on Nov. 10, 2021.

On Dec. 3, 2021, Bitcoin change into once procuring and selling spherical $54,365 after giving up critical positive aspects over the final three weeks following its rally to a fresh all-time excessive amid profit-taking and transferring market cases.

Nonetheless, the drawdown had only staunch begun, because the flagship crypto saw a excessive dip over the next 24 hours that took Bitcoin to a painful low of $42,000 before recuperating one of the critical most nearly $15,000 in losses before the day closed.

By the pause of Dec. 4, 2021, Bitcoin change into once procuring and selling at $49,191, down 8.6% over a single day.

ETF efficiency, halving hype

Trouble Bitcoin ETFs delight in continued their solid efficiency over February and experienced a critical spike in volume on Feb. 26 to discipline a fresh document of $2.4 billion in day to day volume.

In step with recordsdata shared by Bloomberg ETF analyst Eric Balchunas, BlackRock’s situation Bitcoin ETF IBIT posted a document procuring and selling volume of $1.3 billion as of press time, which brings it to the head 0.3% of all ETFs and the head 25 of all stocks for the day.

Within the period in-between, situation Bitcoin ETF inflows for the past week stood at $583 million. The total is made up of more than $1 billion in inflows, that are offset by $436 million of Grayscale’s GBTC outflows.

Notably, GBTC outflows delight in slowed down enormously over the final couple of weeks, with the ETF recording only $44.2 million in outflows on Feb. 23.

Bitcoin Market Info

At the time of press 10:28 pm UTC on Feb. 26, 2024, Bitcoin is ranked #1 by market cap and the price is up 5.22% over the final 24 hours. Bitcoin has a market capitalization of $1.07 trillion with a 24-hour procuring and selling volume of $33.51 billion. Learn more about Bitcoin ›

Bitcoin

10:28 pm UTC on Feb. 26, 2024

$54,548.59

5.22%

Crypto Market Summary

At the time of press 10:28 pm UTC on Feb. 26, 2024, the total crypto market is valued at at $2.08 trillion with a 24-hour volume of $84.61 billion. Bitcoin dominance is currently at 51.41%. Learn more concerning the crypto market ›