Bitcoin rise for fifth day in row, poised for highest monthly gains since October 2021
Date
2/28/2024 7:48:45 AM
(MENAFN) Bitcoin, the leading cryptocurrency, has witnessed a remarkable ascent for the fifth consecutive day, signaling its trajectory towards achieving its most substantial monthly gains since October 2021. As of Wednesday morning in London, the price of Bitcoin surged by as much as 4.1 percent, reaching a notable milestone of USD59,053. This surge marks a notable 20-day increase in February, with Bitcoin experiencing a remarkable 39 percent rise over the course of the month.
The recent surge in Bitcoin's price can be attributed to various factors, including the introduction of Bitcoin spot funds on US exchanges in early January. This development spurred a wave of buying activity, particularly after concerns regarding the Federal Reserve's prolonged interest rate hikes were assuaged. Investor sentiment has been buoyed by the prospect of reduced interest rate pressures, further propelling Bitcoin's upward trajectory.
Moreover, anticipation surrounding the upcoming "halving" in April, which entails a reduction in the reward for validating transactions within the blockchain, has fueled optimism among speculators. The impending halving event has spurred expectations of a continued upward trend in cryptocurrency prices, with Bitcoin's price forecasted to surpass the previous record set in November 2021, reaching approximately USD69,000.
The sustained rally in Bitcoin's price underscores the resilience and growing confidence in the cryptocurrency market, with investors increasingly viewing Bitcoin as a viable asset class with significant growth potential. As Bitcoin continues to garner momentum and attract broader investor interest, the cryptocurrency landscape is poised for continued evolution and expansion in the months ahead.
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