Bitcoin Surpasses $64,000 as Ethereum Soars Above $3,500

On Wednesday, February 28, the price of the leading cryptocurrency surpassed the $58,000 mark. At the time of writing, Bitcoin is trading at $58,500, having gained 4.1% over the past 24 hours.

February 29, 2024 | 10:43Update:

On the evening of February 28, Bitcoin tested $64,000 but failed to hold above this level, correcting to $60,000.

February 28, 2024 | 16:25Update:

The Bitcoin price exceeded the psychological barrier of $60,000.

February 28, 2024 | 18:21Update:

The price of Bitcoin surpassed $61,000 for the first time since November 2021.

The market capitalization of digital gold stands at $1.15 trillion, according to CoinGecko. The total cryptocurrency market cap has exceeded $2.3 trillion, with Bitcoin’s dominance index at 54%.

The price of Ethereum has surpassed $3,300, marking a 3% increase over the past day. The asset’s market capitalization has reached $400 billion.

Following Bitcoin and Ethereum, other top-10 digital assets by market capitalization have moved into the “green zone.” BNB has gained the most over the past week, up 12.3%.

According to Coinglass, the volume of liquidations over the past 24 hours reached $215 million, with $114 million in short positions.

“Amid the halving in 54 days and expectations of a rate cut by the Fed mid-year, Bitcoin’s price with support at $50,000 could reach an all-time high in March,” said CoinDesk chief analyst at Bitget Research, Ryan Lee.

He noted that the growing trading volume of ETFs based on the leading cryptocurrency indicates “strong bullish sentiment” among institutional players.

“The rally leading up to the halving is a great time for short-term gains,” said CEO of Hectic Labs, Brian Legend.

Leading cryptocurrencies have been on the rise since the beginning of the week. On Monday, February 26, Bitcoin surpassed the $53,000 level, while Ethereum exceeded $3,000. On Tuesday, February 27, the price of the leading cryptocurrency surpassed the $57,000 mark.

Analysts at Matrixport have suggested that Bitcoin could rise to $63,000 in March, citing the halving as one of the catalysts.

Previously, Fundstrat co-founder Tom Lee predicted that digital gold could reach $150,000 by the end of 2024.