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Bitcoin Hits $56K, Ethereum And Dogecoin Jump As Crypto Market Cap Soars Past $2T: Analyst Says $100K BTC 'Is A Magnet'

Author: Mehab Qureshi | February 26, 2024 10:59pm

Cryptocurrencies saw a surge on Monday, as the largest cryptocurrency by market capitalization Bitcoin smashing through its major resistance level at $53,000.

CryptocurrencyGains +/-Price (Recorded 9:30 p.m. EST)
Bitcoin (CRYPTO: BTC)+9.11%$56,160
Ethereum (CRYPTO: ETH)+4.05%$3,230
Dogecoin (CRYPTO: DOGE)+5.36%$0.089

What Happened: Several factors are currently driving the price movement of BTC. These include continuous spot Bitcoin ETF inflows, the halving, and the positive investor sentiment from both retail and institutional players. 

Bitcoin skyrocketed to over $56,000 on Monday, reaching its peak price since November 2021.

Trading volumes for the “new nine” spot Bitcoin exchange-traded funds (ETF) have achieved a daily record  on Monday .The trading volumes for the nine ETFs reached $2.4 billion, surpassing the previous record of $2.2 billion set on the first trading day, which was on January 11.

Among the ETFs, BlackRock’s IBIT (NASDAQ:IBIT) garnered the highest volume on February 26 with $1.29 billion. Following closely, Fidelity’s FBTC secured the second position with a volume of $576 million.

Additionally, the ARK 21Shares (BATS:ARKB) and Bitwise BITB (NYSE:BITB) ETFs witnessed flows tallying at $276 million and $81 million, respectively.

MicroStrategy, the leading corporate holder of Bitcoin, has notably expanded its Bitcoin portfolio by acquiring an additional 3,000 Bitcoin.

Top Gainer (24 Hour)

CryptocurrencyGains +/-Price (Recorded 9:30 p.m. EDT)
Theta Network (CRYPTO: FLR)+39.39%$2.08
Stacks  (CRYPTO: MNT)+22.40%$3.09
Akash Network (CRYPTO: AR)+17.90%$4.73

The global cryptocurrency market cap now stands at $2.13 trillion, showing a 7.14% increase in the past 24 hours.

The S&P 500 declined on Monday, retreating from its recent record high set last Friday, as investors awaited crucial inflation data. The index fell by 0.38% to reach 5,069.53, while the Nasdaq Composite also decreased by 0.13% to close at 15,976.25.

Treasury yields experienced a slight increase, further pressuring stocks. The 10-year Treasury yield rose by approximately one basis point to 4.276%.

In late afternoon trading, stocks associated with the price of Bitcoin saw a surge, coinciding with the cryptocurrency surpassing the $54,000 level for the first time since December 2021. Notably, Coinbase’s stock soared by 16.85%, Microstrategy Inc jumped by 15.86%, and Riot Platforms and Marathon Digital, the largest bitcoin miners, experienced increases of 16% and 22% respectively.

See More: Best Cryptocurrency Scanners

Analyst Notes: Cryptocurrency analyst Michael Van de Poppe said that shortly after the US Open, Bitcoin’s price surged to a new yearly high at $54,300.

"Got me by surprise, I was suspecting a corrective move and am now fast approaching my pre-halving target. What’s important this week? Prelim GDP on Wednesday."

According to the crypto analyst Gart van Lagen, the price of BTC [1W] is continuing its parabolic trajectory since Nov-22 and is on track to reach $200k in the near future.

"This parabola, reaching $200k, seamlessly aligns with the pattern of previous fifth subwaves, all of which have historically intersected the blue trendline in a parabolic manner.Will $BTC wait for the halving?  Price has already surged significantly beyond the 78.6% Fibonacci retracement level of the previous bear market, which only occurred post-halving in the past.  When breaching 78.6%, price tends to immediately take-off parabolically."

Cryptocurrency analyst Kaleo, predicts that a $100K valuation for Bitcoin is inevitable.

"$100K $BTC is a magnet"

According to on-chain analyst Ali Martinez, Bitcoin is exhibiting 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 toward $60,520!"

Photo by FellowNeko on Shutterstock

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