Bitcoin Hits $60K: Reasons Why BTC, ETH, XRP, PEPE Price Are Rising Today

The crypto market witnessed a remarkable surge today, on February 28, 2024, propelling major cryptocurrencies like Bitcoin, Ethereum, Cardano, XRP, and meme coins such as Pepe Coin to new highs. Notably, Bitcoin has surpassed the $60,000 mark, a level unseen since November 2021, while Ethereum has reached its highest point since April 2022.

Meanwhile, this surge has sparked discussions about the driving forces behind the rally. So, let’s explore the potential reasons behind the surge in crypto prices.

Why Is the Crypto Market Rising Today?

The crypto market is abuzz with excitement as Bitcoin, Ethereum, and several other altcoins experience a significant surge in value. Investors and enthusiasts are keen to decipher the factors underpinning this remarkable rally.

Michael Saylor’s Bitcoin Accumulation Boosts Confidence

One major catalyst behind this surge is MicroStrategy’s continued accumulation of Bitcoin, led by its executive chairman, Michael Saylor. This week, MicroStrategy revealed a fresh purchase of $155 million worth of Bitcoin, further bolstering its BTC holdings to a staggering 193,000.

Meanwhile, Michael Saylor’s strategic move, ahead of the anticipated Bitcoin halving and amidst increased accumulation by spot Bitcoin ETFs, has instilled confidence in the market. According to filings with the U.S. Securities and Exchange Commission, MicroStrategy acquired nearly 3,000 Bitcoins at an average price of approximately $51,813 between February 15 and February 25, 2024.

Notably, Saylor stated that MicroStrategy, along with its subsidiaries, now holds 193,000 BTCs, acquired for nearly $6.09 billion at an average price of $31,544 per Bitcoin. This move underscores a bullish sentiment towards Bitcoin’s future trajectory.

Notably, Michael Saylor also made a recent X post saying “You do not sell your Bitcoin”, which also has bolstered market confidence.

Also Read: How High Bitcoin Price Can Go In 2024; $200K Or Above?

Significant Inflow Into Spot Bitcoin ETF

Moreover, substantial inflows into Bitcoin Spot ETFs have further fueled investors’ confidence, signaling increasing institutional interest in the flagship cryptocurrency. The week witnessed significant inflows into Bitcoin ETFs, with notable contributions from BlackRock iShares Bitcoin ETF.

As CoinGape Media reported, Bitcoin Spot Bitcoin ETFs experienced a surge in investor interest, with a significant $577 million net inflow recorded on February 27. This influx, marking the third-largest until launch, underscores growing confidence among Wall Street players.

Meanwhile, the uptick follows BlackRock iShares Bitcoin ETF’s $520 million inflow, hinting at a potential rally. CoinShares’ Head of Research James Bitterfill praised the robust weekly inflow while noting a shift from Global Bitcoin ETPs’ $34 million in daily trading average in 2023 to $2 billion in 2024.

Bitcoin Halving & Ethereum ETF Anticipation

Anticipation surrounding the upcoming Bitcoin halving, expected in approximately 50 days, has contributed to positive market sentiment. Historical data indicates that previous Bitcoin halving events have triggered significant price rallies, driving optimism among crypto enthusiasts.

Although historical data doesn’t guarantee future performance, the market participants seem to remain optimistic over the potential impact of the Halving rally.

Similarly, expectations surrounding the approval of an Ethereum ETF by the U.S. SEC have added to the market’s buoyancy, mirroring the success of Bitcoin ETFs and projecting a positive outlook for Ethereum.

Regulatory Developments

Amid the market rally, regulatory developments are also shaping investor sentiment. Ripple’s ongoing legal battle with the SEC, which is expected to reach its climax in 2024, has garnered attention, with speculations of a potential settlement between the parties.

Notably, after Ripple fulfilled all discovery requirements related to remedies, the U.S. SEC has requested an extension for the deadline for remedies-related briefing recently. This extension prolongs the anticipation within the XRP community for details concerning XRP.

On the other hand, the Digital Chamber’s advocacy in support of Kraken in its lawsuit against the SEC underscores the broader regulatory landscape’s impact on market dynamics.

Also Read: Cardano (ADA) Network Witnesses Remarkable Surge with 4.6 Million New Wallets

Positive Market Trends

In a significant development, Bitcoin Futures Open Interest (OI) has surged dramatically, contributing to the current surge in cryptocurrency prices. Over the past 24 hours, Bitcoin’s OI spiked by 3.42% to reach 447.43K BTC, equivalent to a staggering $26.61 billion, CoinGlass data showed.

Although the CME exchange observed a slight dip, other platforms like Binance and Bybit witnessed remarkable increases of 7.64% and 6.59% respectively. In addition, Ethereum’s Open Interest also climbed by 1.82%, reaching an impressive $11.64 billion.

These surges indicate heightened investor interest and activity in the crypto market, potentially driving up prices.

Meme Coins Rally

The meme coin sector has also noted a bull run today, amid an upward trend in the broader market. Pepe Coin was one of the top percentage gainers in the segment, adding about 60% in its price over the last 24 hours.

Notably, the meme coin sector has witnessed a surge of over 13% in its market cap to $25.08 billion, while the trading volume rocketed 195.8% to $3.70 billion.

Price & Performance Amid The Rally

As of writing, the Bitcoin price was up 6.33% over the last 24 hours and traded at $60,453.68, while its trading volume over the last 24 hours decreased by 5.82% to $47.36 billion. Over the last seven days, the BTC price added over 19%, while noting a 43% monthly jump.

Simultaneously, the Ethereum price was about 1.31% to $3,298.02, after touching a 24-hour high of $3,366.61. The XRP price also soared nearly 4% today and traded at $0.5795, while its trading volume over the last 24 hours soared 64% to $2.58 billion.

The Pepe Coin price, being one of the top percentage gainers in the meme coin space, added nearly 60% in its price and traded at $0.0000034. Notably, the global crypto market cap was up 3.38% to $2.22 trillion as of February 28, with a decline of around 5% in its trading volume from yesterday.

The fear and greed index stayed at 80, suggesting an extreme greed condition hovering over the market.

Also Read: Top Analyst Predicts XRP To $0.91 Amid SEC’s Remedies Deadline Extension Buzz

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam's expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news. Rupam's career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.