The largest cryptocurrency by market capitalization was steady at $62,000 in morning trading in Asia, having hit a high of $63,933 overnight. Its monthly gain is more than 45%, the biggest since December 2020.
Bitcoin is on track for its most significant monthly gain in three years, reaching $62,000 in morning trading in Asia on February 29.
The world's largest cryptocurrency surged, reaching a peak of $63,933 overnight, resulting in monthly gains of more than 45 percent, its biggest increase since December 2020.
Bitcoin's momentum is also impacting the smaller cryptocurrency, Ether, which is currently priced at $3,429, marking a 50 percent increase from February.
Analyst predicts possible breakout of $69,000 Brian Armstrong, head of crypto exchange Coinbase Global, reported an increase in traffic on the platform due to the growing interest in cryptocurrencies.
Analyst Tony Sycamore at brokerage IG Markets estimates that Bitcoin is headed for a breakout, suggesting a "test and possible break" of the $69,000 level. It could surpass the previous record high set in November 2021.
The approval and launch of spot Bitcoin exchange-traded funds (ETFs) in the USA earlier this year has attracted substantial investments and rekindled enthusiasm in the cryptocurrency market.
LSEG data shows that the 10 largest spot Bitcoin ETFs brought in $420 million on February 27 alone, the highest inflows in nearly two weeks. In particular, ETFs managed by Grayscale, Fidelity and BlackRock experienced an increase in volume.
With Bitcoin's supply limited to 21 million, and 19 million already mined, this event adds to the overall bullish sentiment.
Flows into Bitcoin have increased as foreign exchange volatility has dropped to a two-year low, and US equity volatility indexes have returned to pre-pandemic levels.