Crypto Price on February 29: After November 2021, Bitcoin surpasses $59,500 for the first time

With money flowing into new US spot Bitcoin exchange-traded products, which have already seen a roughly 40% increase in value in February, the largest cryptocurrency in the world, Bitcoin, rose for a fifth day on Wednesday, closing in on $59,500 for the first time since November 2021.

At the time of writing, Ethereum was up 3.1% to $3,354, having reached another two-year high, while Bitcoin was up 4.6% at $59,186, its best since December 2021. In the meantime, during the past day, the value of the worldwide cryptocurrency market increased by 3.53% to around $2.22 trillion.

When Bitcoin crossed the $59,000 barrier, it reached a new milestone. This increase might be ascribed to the significant trading activity in Bitcoin spot ETFs, which reached $3 billion and indicated rising market demand.

To further enhance the optimistic picture is the impending Bitcoin halving event, which has historically served as a catalyst for price increases. Given the present trend of rising demand and the upbeat attitude among investors, it is very likely that Bitcoin will soon surpass its previous all-time high.

The price of Bitcoin has reached an all-time high in India thanks to the most recent bull run, which is mostly being driven by supply pressure brought on by large inflows into Bitcoin ETFs. It is anticipated that the present rally will keep going higher long after the scheduled halving in April 2024.

Following the halving event, there will be further supply pressure, which might push the price of bitcoin even higher. It is anticipated that by the end of 2024, Bitcoin will reach $100,000 assuming macroeconomic conditions continue to be favorable.

Other well-known cryptocurrencies had 4-6% increases, including Uniswap, Dogecoin, XRP, and Shiba Inu. Additionally rising were Tron, Polkadot, Toncoin, Avalanche, and BNB.

8.13% of the 24-hour volume of the cryptocurrency market is now represented by the $8.51 billion total volume in DeFi. According to data accessible on CoinMarketCap, the total amount of stablecoins is currently $94.3 billion, or 90.14% of the 24-hour volume of the whole cryptocurrency market.

The largest cryptocurrency in the world, Bitcoin, saw a spike in market capitalization to $1.163 trillion in the past day. Currently, 52.48% of the market is dominated by Bitcoin, according to CoinMarketCap. The volume of Bitcoin dropped 7% to $45.98 billion in the previous day.