Bitcoin is experiencing a notable surge, marking its most significant monthly rally since December 2020, as it approaches the $60,000 mark.
Bitcoin price trend as of February 28, 2024. Image credit: CoinDesk
The recent uptrend is attributed to increased investment in new U.S. spot bitcoin exchange-traded products, propelling Bitcoin’s value by 39.7% in February.
At the present time (Feb. 28, 2024, 12:50 PM UTC +02:00), Bitcoin is up 4.66% over the past 24 hours and trading at $59,266, reaching its highest level since December 2021. Simultaneously, Ether has risen by 2.2% to $3,320, reaching a two-year high. Traders are showing heightened interest in Bitcoin, anticipating the upcoming halving event in April, designed to slow down the release of new bitcoins.
Some analysts estimate that Bitcoin could be on an 18-month path to raise its value to $150,000.
Written by Alius Noreika