Bitcoin Hits $57,000 Today – Will It Surpass Its All-time High Before The Halving?

Bitcoin (BTC) is now hyping the cryptocurrency market after reaching the $57,000 level earlier today. 

Bitcoin went slow last week ranging from $50,000 – $51200 levels. Earlier today, Bitcoin (BTC) spiked by almost 10% in the last 24 hours hitting a massive $57,000 level for the first time in years. This incredible milestone has gained the attention of the community and analysts thinking if Bitcoin will break its all-time high of $69,000 before the Bitcoin halving event. 

In addition, Eric Balchunas from Bloomberg revealed in an X post that the new spot Bitcoin ETFs set a new all-time trading volume record of $2.4 billion yesterday, February 26. As a result, the demand for Bitcoin has also increased. 

Since the community’s interest in Bitcoin ETFs is now showing, the fund issuers have also continued to accumulate a significant amount of Bitcoin. In fact, the issuers had to buy over $403 million worth of BTC due to the all-time trading volume recorded yesterday. 

More large investors are still buying BTCs and one of them is Microstrategy. As of today, Microstrategy has already acquired 3,000 BTC in February alone, increasing its total holdings to 193,000 BTC which is now equivalent to $8.3 billion.

Bitcoin’s Price Movement In February

Bitcoin’s (BTC) price has indeed gone through volatility during the early weeks of February ranging from $41,890.50 to $51,200 and now has gone up to $57,000. Looking at the charts in the last 30 days, Bitcoin has increased by 34.20%.

At this time of writing, Bitcoin (BTC) price is at $56,783, an 11.40% increase in the last 24 hours. Bitcoin stays at the top of the charts with a total market cap of $1.1 trillion

Now, Bitcoin (BTC) is just a bit over 20% away from its all-time high of $69,000. And with the ongoing bullish trend, breaking its ATH before the Bitcoin halving event is possible.