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Bitcoin's February performance among best on record

Published 01/03/2024, 12:28
Updated 01/03/2024, 12:46
Bitcoin;s February performance among best on record

Proactive Investors - Bitcoin (BTC)’s latest mega-rally wobbled on Thursday, with the benchmark cryptocurrency slipping 2% against the US dollar, though the BTC/USD pair has staged a recovery this Friday morning.

At the time of writing, BTC/USD had added 1.5% on the day to trade just below $62,000.

Bitcoin’s week-on-week performance is over 20% in the green, with the world’s largest cryptocurrency penning 45% worth of gains over the whole month of February.

This represents one of the most bullish months on record, and the strongest monthly gain since December 2020.

Bitcoin’s bumper February – Source: Trading View

Bitcoin bulls now have the $69,000 all-time high in the sights, with substantial exchange-traded fund inflows, FOMO and the upcoming ‘halving’ event providing the tailwinds.

BlackRock’s iShares Bitcoin ETF (IBIT) has become one of the most-traded ETFs in the US, per Bloomberg data, with cash inflows into the nascent bitcoin ETF market feeding directly through to bitcoin’s spot price.

Excluding the Grayscale Bitcoin Trust (GBTC), which is seeing outflows due to its comparatively high management fees, bitcoin ETFs chalked up their second-biggest day in volumes on Thursday, following Wednesday’s record high.

Ethereum (ETH) closed 1.3% lower against the US dollar on Thursday before recapturing those losses this morning.

The ETH/USD pair was swapping for $3,400 at the time of writing, at 17% week on week.

In the broader altcoin space, Solana (SOL) has added 30% week on week while Dogecoin (DOGE) has rallied 45% and Avalanche (AVAX) 16%.

Binance’s BNB token and Ripple (XPR) have kept their gains to the upper angle digits.

Global cryptocurrency market capitalisation currently stands at $2.3 trillion, with bitcoin dominance at 54.4%.

Read more on Proactive Investors UK

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