The Price of Bitcoin Surges in February, Posting a Monthly Gain of Almost $20,000
Bitcoin (BTC) is set to close February with a significant gain, reaching almost $20,000 since the beginning of the month. This marks the largest monthly gain ever for the digital asset, according to Coingecko data. The green candle on Bitcoin’s candlestick price chart for February is approaching the $20,000 mark, currently standing at $19,976.
Bitcoin’s Monthly Gains
- Bitcoin’s largest monthly gain ever
- Surpassing October 2021’s monthly candle of $17,978
- February 2021’s monthly gain of $15,467
Investors and analysts often use candlestick charts to analyze price movements and trends in financial markets.
Rise in U.S. Spot Bitcoin ETFs Inflows
The surge in Bitcoin’s price coincides with a record net inflow of $673.4 million into U.S. spot bitcoin exchange-traded funds (ETFs). This surpasses the previous high of $655.2 million set on their Jan. 11 launch day. BlackRock’s IBIT spot bitcoin ETF saw the highest inflow, adding $612.1 million.
Reasons for Bitcoin’s Price Appreciation
Jasper De Maere, Research Lead at Outlier Ventures, attributes Bitcoin’s price appreciation to declining selling pressure from Grayscale’s converted GBTC fund. This has created a favorable environment for institutional bitcoin buying in February, with regular days seeing $500 million inflows into bitcoin ETFs.
De Maere believes that bitcoin’s rally will continue due to institutional adoption, a supportive macroeconomic environment, and excitement around the innovation of the bitcoin ecosystem. He expects positive price action for bitcoin over the medium term.
Stijn Paumen, CEO of Helio, notes that bitcoin’s current price is just 8% below its all-time high of over $68,000 reached in November 2021. Paumen anticipates that bitcoin will approach its all-time high as the halving cycle begins in two months.
Bitcoin’s Current Price
As of 10:56 a.m. ET, the price of bitcoin has increased by over 3% in the past 24 hours, reaching $63,000. The GM 30 Index, which represents a selection of the top 30 cryptocurrencies, has also experienced a 4.79% increase in the past 24 hours, reaching a value of 133.45.
Hot Take: Bitcoin’s Bullish Momentum Continues
The price surge in February has positioned Bitcoin for further growth and solidified its status as a valuable digital asset. With institutional adoption on the rise, a favorable macroeconomic environment, and ongoing excitement surrounding Bitcoin’s ecosystem, experts predict that Bitcoin’s price will continue to rise in the coming months.
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