Cryptocurrencies saw a surge on Monday, as the largest cryptocurrency by market capitalization, Bitcoin, broke above its main resistance level of $53,000.
| Cryptocurrency | Earnings +/- | Price (Recorded at 9:30 pm EST) |
| bitcoin BTC/USD | +9.11% | $56,160 |
| Ethereum ETH/USD | +4.05% | $3,230 |
| Dogecoin DOGE/USD | +5.36% | $0.089 |
What happened: Currently, several factors are driving the BTC price movement. These include continued Bitcoin ETF spot inflows, halving, and positive investor sentiment from both retail and institutional players.
Bitcoin soared above $56,000 on Monday, hitting its highest price since November 2021.
Trading volumes for Bitcoin spot “new nine” exchange traded funds (ETF) hit a daily record on Monday. Trading volumes of the nine ETFs reached $2.4 billion, surpassing the previous record of $2.2 billion set on the first day of trading, which was January 11.
Among the ETFs, BlackRock IBIT That's going to go It obtained the highest volume on February 26 with 1.29 billion dollars. Following closely behind, Fidelity's FBTC took second place with a volume of $576 million.
Furthermore, the ARK 21Actions ARKB and BITB bit by bit BITB The ETFs recorded flows of $276 million and $81 million, respectively.
Microstrategythe main corporate owner of bitcoinhas significantly expanded its Bitcoin portfolio by acquiring an additional 3,000 Bitcoin.
Top winner (24 hours)
| Cryptocurrency | Earnings +/- | Price (Recorded at 9:30 pm EDT) |
| Theta Network FLR/USD | +39.39% | $2.08 |
| batteries MN/USD | +22.40% | $3.09 |
| Red Akash AR/USD | +17.90% | $4.73 |
The global cryptocurrency market capitalization now stands at $2.13 trillion, showing an increase of 7.14% in the last 24 hours.
He S&P 500 fell on Monday, retreating from its recent all-time high set last Friday, as investors awaited crucial inflation data. The index fell 0.38% to 5,069.53, while the Nasdaq The composite also declined 0.13% to close at 15,976.25.
Treasury Returns saw a slight increase, putting further pressure on the stock. The 10-year Treasury yield rose about one basis point to 4.276%.
In afternoon trading, stocks associated with Bitcoin price saw a surge, coinciding with the cryptocurrency surpassing the $54,000 level for the first time since December 2021. Notably, Coinbase shares soared 16.85%, Microstrategia Inc. jumped 15.86%, and Riot platforms and Digital MarathonThe largest bitcoin miners experienced increases of 16% and 22% respectively.
See Further: Best cryptocurrency scanners
Analyst Notes: Cryptocurrency analyst Michael Van de Poppe said that shortly after the US Open, the price of Bitcoin rose to a new yearly high of $54,300.
“I was caught off guard, I suspected a corrective move and now I'm rapidly approaching my pre-halving target. What's important this week? Preliminary GDP on Wednesday.”
According to the cryptanalyst Gart van Lagen, the price of BTC [1W] It continues its parabolic trajectory since November 22 and is on track to reach $200,000 in the near future.
“This parabola, reaching $200,000, aligns perfectly with the pattern of the previous fifth sub-waves, all of which have historically crossed the blue trend line in a parabolic fashion. Will $BTC wait for the halving? The price has already risen significantly beyond the 78.6% Fibonacci retracement level of the previous bear market, which in the past only occurred after the halving. When it is surpassed 78.6%, the price tends to immediately take off. parabolic”.
Cryptocurrency analyst Caleopredicts that a Bitcoin valuation of $100,000 is inevitable.
“$100K $BTC is a magnet”
According to network analyst Ali Martinez, Bitcoin is showing a megaphone pattern on its daily chart. “If BTC maintains its position above $50,000, achieving a sustained close above $53,000 could be the catalyst for a rally towards $60,520.”
Photo by FellowNeko on Shutterstock
Read next: Jim Cramer advises against the use of Binance and provokes strong reactions from Twitter users
