Bitcoin Above $59,000: Here Are 3 Crucial Things To Know

Bitcoin has surged over 10% in the last 24 hours and is currently trading around $56,600.
Bitcoin Above $59,000: Here Are 3 Crucial Things To Know

Key Insights

  • Bitcoin has surged over 10% in the last 24 hours and is currently trading around $56,600.
  • A Bitwise analyst recently predicted Bitcoin to reach a new all-time high of at least $88,000 by the end of 2024.
  • Digital asset funds are experiencing their fourth straight week of inflows, with Bitcoin leading the charge.
  • MicroStrategy purchased another 3,000 Bitcoins for $155 million, adding to their already sizeable holdings.
  • The number of Bitcoin whales (holding more than 1,000 BTC) has also grown significantly in the last 30 days.

Nobody thought that Bitcoin would become so bullish in such little time.

In under 24 hours, the flagship cryptocurrency has rallied by more than 10%, and currently trades at around $56,600, according to data from CoinMarketCap.

Bitcoin's price | Source: <a href='' target='_blank' rel='noreferrer noopener'><u>CoinMarketCap</u></a>
Bitcoin's price | Source: CoinMarketCap

So far, the cryptocurrency has rallied by around 9% over the last week, and by an insane 142% in the past year.

This means that Bitcoin is outperforming stocks, indices and even gold on a yearly scale.

But what happens from here? Will Bitcoin continue further upward or correct its trajectory?

Here are some of the most interesting things to keep in mind about the flagship cryptocurrency.

A BitWise Researcher Just Predicted "$80,000 At Least" By Year End

Bitwise analyst, Ryan Rasmussen recently had an interview with Yahoo Finance on February 26.

In this interview, Rasmussen says that the Ethereum ETFs have a 50% chance of happening this year.

However, this isn't about Ethereum.

Rasmussen also touched on the Bitcoin subject, stating that the crypto market is transitioning from a difficult 2022 to a "multi-year" bull cycle.

Rasmussen concluded by reiterating BitWise's predictions for Bitcoin last year.

Rasmussen and BitWise strongly believe that Bitcoin is expected to reach a new all-time high of at least $88,000 by the end of 2024.

$80,000 on Bitcoin
$80,000 on Bitcoin

So far, Rasmussen was right about the Bitcoin ETFs being approved in January 2024.

He says that these ETFs, as well as the Bitcoin halving, are bound to bring this prediction to fruition, and Bitcoin's actual year-end price remains to be seen.

Bitcoin Is Leading The Digital Asset Funds In The 4th Straight Week Of Inflows

The majority of the $598 million that flowed into the digital asset market last week, came from U.S. funds backed by Bitcoin, according to a new CoinShares report.

Coinshares' inflows report
Coinshares' inflows report

Coinshares reports that this marks the 4th week of consecutive inflows into the market, with about $5.7 billion in inflows so far this year.

This puts the AUM (assets under management) for 2024 at about 55% of 2021's output.

This is interesting because 2024 is gaining against 2021 (which happened to be the peak of the last bull market)—and this is merely the fourth month of the year.

If there was ever a sign that a bull run was incoming, this is it.

MicroStrategy Added 3k More Bitcoin For $155 Million

Less than a day after MicroStrategy's Twitter account was hacked, the company is in the news again for the usual.

Buying millions in Bitcoin.

As a quick refresher, on 26 February, MicroStrategy's account was hacked and used to promote a fake $MSTR airdrop that drained more than $400,000 from unsuspecting victims.

Additional Bitcoin bought
Additional Bitcoin bought

Current reports now state that the company has bought more Bitcoin, just as the cryptocurrency jumped from around $51,000 to where it currently sits at $56,000.

Microstrategy's recent buy was reportedly around 3,000 Bitcoin at an average price of $51,813 per coin, and a total cost of around $155 million.

This means that the company now holds a staggering 193,000 Bitcoin, and has unrealized profits of around $4 billion.


Bitcoin's Open interest, according to Coinglass, is now challenging the highest point from April 2021, at the peak of the last bull market, as shown below:

Bitcoin's open interest
Bitcoin's open interest

This metric now sits at more than $22 billion and shows that there is a massive amount of interest in the cryptocurrency from investors.

Moreover, in a recent tweet, a renowned analyst on Twitter stated that the Bitcoin whales are especially interested in the cryptocurrency.

The whales are interested
The whales are interested

Citing data from Glassnode, the analyst notes that over the last 30 days, more than 150 new Bitcoin whales (holding more than 1,000 $BTC) have joined the fray.

All of these facts point towards continuation on Bitcoin's part.

However, investors should be aware that corrections are also entirely possible, and that if anything, they present an opportunity to buy the cryptocurrency at a discount.

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

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