The crypto market has ended its long slump as tokens reach their former glory. The recent rally saw Bitcoin surging for a fifth consecutive day on Wednesday.
The rally helped BTC register its best monthly gain since October 2021. The token rose as much as 4.9% to reach $59,494 on Wednesday. February 2024 has been an amazing month for the market, where Bitcoin climbed every day except for 8 trading days.
The surge is not limited to Bitcoin alone, as the top cryptocurrencies are also joining the rally. For example, Solana, Avalanche, and Ether gained more than 3% on the same day as Bitcoin.
In the past week alone, SOL has gained 29.87% value to cross the $130 mark. Similarly, ETH has gained 14.54% in value in the past 7 days to cross the $3,300 mark. As for BTC, the biggest crypto in the world, it has gained 20.37% value in that period to cross the $61k mark.
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Currently, Bitcoin is comfortably trading above $61k. The SEC approved the first-ever Bitcoin ETF funds in the US, induced the latest crypto push.
With Bitcoin set to undergo its fourth halving in April 2024, the crypto market is set on a bullish path for the coming months. Based on our BTC price prediction, we expect that the price of Bitcoin to break through its all-time high of $68k after the halving wraps up.
Matthew Sigel, VanEck Associates’ Head of Digital Asset Research, commented on the situation recently. Sigel stated that the market is witnessing evidence of increased interest from both institutional and retail investors looking for digital gold.
Historical tendencies suggest that even more violent and steeper rallies are bound to emerge, according to Sigel.
Contrarily, experts like Stefan von Haenisch warn traders about the rally being stretched. A correction seems inevitable after such a huge rally, said the OSL SG Pte’s head of trading.
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However, the pullback might be short-term, seeing how spot Bitcoin ETFs are accumulating unforeseen inflows, said Stefan.
