By
Temitope Olatunji
April 26th, 2024
As the bitcoin price teases a move above $60,000, investors epculate new all-time highs before halving. Ethereum joins the party ahead of the Dencun upgrade in March.
Bitcoin’s mega bull run continues further with the world’s largest cryptocurrency surging all the way to $60K. As of press time, the Bitcoin price is up by another 5% trading at $59,254 with a market cap of $1.16 trillion. Just over the last three days, the BTC price has gained 17% adding over $120 billion to its market cap.
Bitcoin’s surge in price follows closely on the heels of MicroStrategy’s recent acquisition of an extra 3,000 BTC. The $155 million purchase occurred between February 15th and 25th, with an average price of $51,813. As of date, MicroStrategy holds $10 billion worth of Bitcoins in the company’s reserves.
The recent purchase by MicroStrategy, as highlighted by Mikkel Morch, founder of ARK36, is primarily driving this rally, marking a significant institutional endorsement of Bitcoin. Morch added:
“This rally is not just numbers on a chart; it’s a declaration of the confidence among institutional investors in the transformative potential of cryptocurrencies… Moreover, the green light for Bitcoin-owning ETFs in the United States has injected a fresh wave of optimism, propelling trading volumes and spotlighting crypto-linked firms amidst a broader market fraught with apprehension.”
Bitcoin Hitting New All-Time High Before Halving?
Bullish traders anticipate that a combination of euphoric sentiment, institutional demand, and historical gains related to Bitcoin’s halving event could propel the asset to surpass its all-time high of $69,000 in March.
Bitcoin halving events have historically triggered significant bull rallies, with prices surging by several hundred percent in the months following each event, which occurs roughly every four years and reduces block rewards for miners. The upcoming halving, expected in mid-April, further adds to this anticipation.
Additionally, the success of spot bitcoin exchange-traded funds (ETFs) and increasing institutional interest have contributed to strong bullish sentiment, with the trading volume of nine bitcoin ETFs in the US reaching a record high of $3.2 billion last week.
Ethereum (ETH) Price Rally Begins
Along with Bitcoin, Ethereum too has been keeping up pace gaining nearly 15% over the last week. At press time, the Ethereum (ETH) price is up 3% at $313 with a market cap of $400 billion.
The growing anticipation for the approval of spot Ether ETFs highlights the continued maturation of the cryptocurrency market. This acknowledgment reflects Ethereum’s significance beyond being a digital currency, recognizing its pivotal role as an infrastructure foundation for a future where finance and technology converge more seamlessly.
Apart from the optimism around spot Ethwer ETFs, the current excitement revolves around the Ethereum Dencun upgrade scheduled next month in March. On Tuesday, Ethereum developers successfully implemented the Dencun upgrade across all testnets, now awaiting the final implementation on mainnet.