Bitcoin (BTC-USD) achieved its highest value in approximately two years by the close of trading on Tuesday, 27 February 2024, as prominent buyers bought the virtual currency. Smaller cryptocurrencies such as Ethereum (ETH-USD) also benefited and closed the day at more than $3,240, reportedly its highest price since 2022.
Prominent Buyers Purchasing Cryptocurrencies
The world’s largest cryptocurrency, which currently has a market value of just over $1tn, ended Tuesday trading at $57,071. From the start of February, bitcoin gained 32%, putting it on track for its most significant monthly gain since January 2023.
Don’t miss out the latest news, subscribe to LeapRate’s newsletter
Rallies exceeding 10% were influenced by buyers such as MicroStrategy (MSTR.O), which bought around 3,000 bitcoins for approximately $155m on Monday, 26 February 2024. Purchases such as these and the SEC approval of ETFs contributed to the flourishing bitcoin performance this year. According to Reuters, trading volumes in these ETFs surged during Monday trading, causing a ripple effect that boosted the financial performance of crypto-based companies. Reuters quoted the head of partnerships at Keyrock Asia, Justin d’Anethan, who said:
There’s only so much supply … but the demand unleashed by the US spot ETFs seems to be relentless.
These increases across the crypto board sparked a renewed interest that goes beyond individual investors. Reddit indicated it invested some of its cash reserves in Bitcoin, Ethereum, and Matic as a payment method for various virtual sales. There is also talk of the approval of spot-ether ETFs, which fans these bullish fires even more.
