- Bitcoin hit $54,900 for the first time since 2021 as BlackRock’s IBIT traded $1 billion worth of shares.
- BTC price is rising as analysts predict a halving explosion.
Bitcoin is aiming for a breakout before the halving, with its price exceeding $54,900 for the first time since November 2021.
On cryptocurrency exchange Coinbase, the price of Bitcoin hit a record high of $54,980. The more than 6% rise pushed the benchmark cryptocurrency’s market capitalization to more than $1.6 trillion.
BTC surges above $54,000 as IBIT trades $1 billion worth of ETF shares
In the ETF market, BlackRock’s iShares Bitcoin Trust ($IBIT) has traded over $1 billion, and analysts say this momentum will fuel further gains in the BTC price. Bloomberg ETF analysts shared that the performance was $IBIT 11.Day Among all ETFs.
“MILESTONE $IBIT has traded $1 billion worth of stock so far today. It ranks 11th among all ETFs (top 0.3%) and in the top 25 among stocks. Those are crazy numbers for a beginner ETF (especially the 10 contenders). $1 billion per day is a large enterprise level trading volume, enough for (even large) institutional considerations.,” Balchun Posted At X.
According to entrepreneur and investor Anthony Pompliano, “Bitcoin is a runaway train with no brakes as long as ETF inflows dwarf the Bitcoin produced on the network..”
Bitcoin is a runaway train with no brakes as long as ETF inflows dwarf the Bitcoin produced on the network.
The game has changed.
Turn your head outward.
— Pom 🌪 (@APompliano) February 26, 2024
As Bitcoin halving approaches, the number of BTC mined could be cut in half, creating a supply shock that could send BTC prices skyrocketing to prices unthinkable just a few years ago.
There are about 52 days left in the countdown to Bitcoin’s halving, and BTC’s breakout performance on Monday had the markets buzzing.
Earlier in the day, the price of Bitcoin rose above $53,000 as MicroStrategy announced the acquisition of an additional 3,000 BTC. This new purchase, valued at $155 million, brings the company’s Bitcoin portfolio to 193,000 BTC.
Michael Saylor said the company purchased Bitcoin at an average price of $51,813.
Bitcoin was trading at about $54,331 at 3:30 PM ET on Monday. The benchmark cryptocurrency could surpass $55,000 and hit $60,000 before the halving.