Bitcoin Hits 60,000 Dollars Barrier, Marking a Historic Moment After More Than 2 Years

Crypto News– Bitcoin surpassed the $60,000 mark for the first time in over two years, experiencing a surge of over 6% in the 24 hours leading up to 1:00 pm UTC. It reached a peak of $60,001 on Binance at 1:11 pm.

Bitcoin Hits 60,000 Dollars Barrier, Marking a Historic Moment After More Than 2 Years

According to CoinMarketCap data, the world’s first cryptocurrency has seen an impressive increase of over 13% on the weekly chart and 37% over the past month. The last time Bitcoin traded above $60,000 was on November 12, 2021, before starting a reversal that led to a decline of over 67% to a macro low of $19,297 in April 2022.

Market analysts attribute Bitcoin’s price performance to the anticipation surrounding the upcoming halving event. Bryan Legend, an investor and CEO of Hectic Labs, explained that investors expect a reduction in supply to drive up prices, leading to a “Pre-Halving rally” and a refreshed bullish sentiment, thereby contributing to a new bull market.

However, pseudonymous crypto analyst Rekt Capital cautioned that a “pre-halving retracement” remains a possibility. Rekt Capital also noted that historical market data suggests the upcoming Bitcoin halving event isn’t fully priced in by the market, as significant price movements have typically occurred after previous halvings, rather than before.

Bitcoin’s bullish momentum follows closely on the heels of a significant milestone in the United States, where spot Bitcoin exchange-traded funds (ETFs) achieved an unprecedented daily trading volume of $2.4 billion on February 26. This record-breaking performance was reported by Eric Balchunas, a senior ETF analyst at Bloomberg. Moreover, the newly introduced nine spot Bitcoin ETFs continued to demonstrate robust trading activity, with combined trading volumes exceeding $2 billion for the second consecutive day on February 28.

According to a report from on-chain data analytics firm CryptoQuant dated February 14, approximately 75% of new Bitcoin investments can be attributed to the spot Bitcoin ETFs in the United States. This highlights the growing significance and influence of these investment vehicles in attracting fresh capital into the Bitcoin market.