Bitcoin surged to a peak price of $57,409 on Monday, marking a significant 10.1% increase over 24 hours and boosting its market capitalization to $1.10 trillion.
This surge follows earlier predictions made on February 15, suggesting Bitcoin could reach $60,000 within two weeks, backed by analysts’ analysis of historical trends and growing institutional interest.
The recent optimism surrounding Bitcoin is fueled by increased investor engagement with exchange-traded funds (ETFs), which have seen a net inflow of $5.6 billion since their launch in the US on January 11.
Additionally, anticipation of the upcoming reduction in Bitcoin’s supply growth, known as the halving, further bolsters positive sentiment among investors.
Surpassing the $57,000 mark represents a significant milestone for Bitcoin, as it hasn’t reached such levels relative to the US dollar since November 22, 2021, shortly after its previous peak valuation of $69,000.
The rally was further fueled by MicroStrategy‘s announcement on Monday of its acquisition of approximately 3,000 bitcoins for $155 million.
The rally began on Monday morning in the US, with Bitcoin surpassing $53,000 and continuing its upward trend throughout the day, reaching milestones of $54,000, $55,000, $56,000, and eventually $57,000 within minutes.
Additionally, Reddit publicly disclosed its S-1 registration statement to the Securities and Exchange Commission (SEC), revealing its strategic allocation of surplus cash reserves into Bitcoin and Ether for treasury purposes, along with other cryptocurrencies categorized as unlikely to be considered securities.
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