On Wednesday, February 28, the price of the leading cryptocurrency surpassed the $58,000 mark. At the time of writing, Bitcoin is trading at $58,500, having gained 4.1% over the past 24 hours.
The market capitalization of digital gold stands at $1.15 trillion, according to CoinGecko. The total cryptocurrency market cap has exceeded $2.3 trillion, with Bitcoin’s dominance index at 54%.
The price of Ethereum has surpassed $3,300, marking a 3% increase over the past day. The asset’s market capitalization has reached $400 billion.
Following Bitcoin and Ethereum, other top-10 digital assets by market capitalization have moved into the “green zone.” BNB has gained the most over the past week, up 12.3%.
According to Coinglass, the volume of liquidations over the past 24 hours reached $215 million, with $114 million in short positions.
He noted that the growing trading volume of ETFs based on the leading cryptocurrency indicates “strong bullish sentiment” among institutional players.
Leading cryptocurrencies have been on the rise since the beginning of the week. On Monday, February 26, Bitcoin surpassed the $53,000 level, while Ethereum exceeded $3,000. On Tuesday, February 27, the price of the leading cryptocurrency surpassed the $57,000 mark.
Analysts at Matrixport have suggested that Bitcoin could rise to $63,000 in March, citing the halving as one of the catalysts.
Previously, Fundstrat co-founder Tom Lee predicted that digital gold could reach $150,000 by the end of 2024.
