Bitcoin rally sees crypto cross $54k for the first time since 2021
TLDR
- Bitcoin price surged above $54,000, hitting $54,965.26, the highest since December 2021
- Ether rose over 2% to $3,173.87, while Solana and Cardano's ADA token saw gains
- Crypto-related equities like Coinbase and Microstrategy jumped 16%, with significant increases in bitcoin miners' shares as well
The price of Bitcoin surged above the $54,000 level on Monday, breaking out from a week of subdued trading. The flagship cryptocurrency saw a 5% increase, reaching $54,460.00, according to Coin Metrics. At its peak during the session, Bitcoin hit $54,965.26, marking its highest level since December 2021.
Bitcoin's upward movement provided a boost to most of the crypto market. Ether rose by more than 2%, reaching $3,173.87. Solana experienced a gain of over 5%, while Cardano's ADA token advanced approximately 4%. Polygon's MATIC token saw an increase of 8%.
In addition to cryptocurrencies, crypto-related equities also surged. Shares of Coinbase and Microstrategy jumped by 16%. Riot Platforms and Marathon Digital, the largest bitcoin miners, saw even more significant gains, with increases of 15% and 20%, respectively.
Key Takeaways
Bitcoin had been trading flat in the week leading up to Monday's breakout, but the sudden surge put it on track for a 27% monthly gain. With its current price, bitcoin’s market capitalization is smoothly sailing at $1.06 trillion, accounting for 51.2% of the $2.06 trillion total crypto economy. In a recent note, JPMorgan's Nikolaos Panigirtzoglou highlighted the resurgence of retail interest in crypto, which rebounded in February after a pause in January. This renewed interest has been a significant driver of the upward price action in the crypto market. Panigirtzoglou pointed to two key catalysts that help explain this renewed retail interest - Bitcoin Halving and Ethereum's tech upgrade potential approval of spot ether ETFs. These factors, combined with the overall bullish sentiment in the crypto market, have contributed to the resurgence of retail interest in cryptocurrencies like Bitcoin and Ethereum.
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