Bitcoin Surpasses $57,000 Mark

On the morning of February 27, the price of the leading cryptocurrency exceeded $56,000, reaching a peak last seen in November 2021. 

The price of Bitcoin tested the $57,000 level but had corrected to $56,429 at the time of writing.  

February 27, 2024 | 15:48Update:

Bitcoin prices rose above $57,000 and stabilized at $57,300.

Ethereum is trading around $3,300, but the asset has yet to surpass this mark.

According to CoinGecko, the market capitalization of digital gold exceeded $1.1 trillion with a trading volume of over $49 billion. 

The top 10 assets by market capitalization entered the “green zone.” 

According to Coinglass, the liquidation volume reached $380 million over the past 24 hours, with $271 million being short positions. 

GreeksLive reported that the Bitcoin pump was accompanied by a rise in medium and short-term options on the asset. 

Back in U.S. trading hours, Bitcoin continues to surge past $56,000, just under 20% from its all-time-high, with the rapid rise driving all major term IVs up, with short-term options IVs rising significantly.
The burst has also driven a firestorm in the block market, with more… pic.twitter.com/k3zlAMQvHm

— Greeks.live (@GreeksLive) February 27, 2024

“The surge also triggered a storm in the block market: today, more than 50 block orders with a nominal value of over $5 million were placed. Some of the largest were active open positions on buying OTM puts,” experts noted. 

According to them, this market phenomenon is relatively rare and has occurred only a few times in history during major bull cycles. 

Senior analyst at Metalpha, Lucy Hu, told The Block that the main reason for the rise can be attributed to the trading volume of spot Bitcoin ETFs, which reached a record $2.4 billion on February 26. 

“Supply is limited, and Bitcoin itself is awaiting a halving in a few months. But the demand driven by ETFs seems relentless,” added Justin d’Anethan, regional head of business development at Keyrock. 

Earlier, Matrixport suggested Bitcoin could rise to $63,000 in March. 

In February, Lucas Outumuro, head of research at IntoTheBlock, identified five catalysts for Bitcoin’s rise above $70,000.