Reasons Why BTC, ETH, XRP, PEPE Price Are Rising Today

The crypto market witnessed a exceptional surge right now, on February 28, 2024, propelling main cryptocurrencies like Bitcoin, Ethereum, Cardano, XRP, and meme cash corresponding to Pepe Coin to new highs. Notably, Bitcoin is nearing the $60,000 mark, a degree unseen since November 2021, whereas Ethereum has reached its highest level since April 2022.

In the meantime, this surge has sparked discussions in regards to the driving forces behind the rally. So, let’s discover the potential causes behind the surge in crypto costs.

Why Is the Crypto Market Rising As we speak?

The crypto market is abuzz with pleasure as Bitcoin, Ethereum, and a number of other different altcoins expertise a major surge in worth. Traders and fans are eager to decipher the components underpinning this exceptional rally.

Michael Saylor’s Bitcoin Accumulation Boosts Confidence

One main catalyst behind this surge is MicroStrategy’s continued accumulation of Bitcoin, led by its government chairman, Michael Saylor. This week, MicroStrategy revealed a contemporary buy of $155 million price of Bitcoin, additional bolstering its BTC holdings to a staggering 193,000.

In the meantime, Michael Saylor’s strategic transfer, forward of the anticipated Bitcoin halving and amidst elevated accumulation by spot Bitcoin ETFs, has instilled confidence out there. In line with filings with the U.S. Securities and Trade Fee, MicroStrategy acquired almost 3,000 Bitcoins at a mean worth of roughly $51,813 between February 15 and February 25, 2024.

Notably, Saylor acknowledged that MicroStrategy, together with its subsidiaries, now holds 193,000 BTCs, acquired for almost $6.09 billion at a mean worth of $31,544 per Bitcoin. This transfer underscores a bullish sentiment in direction of Bitcoin’s future trajectory.

Notably, Michael Saylor additionally made a latest X put up saying “You don’t promote your Bitcoin”, which additionally has bolstered market confidence.

Additionally Learn: How High Bitcoin Price Can Go In 2024; $200K Or Above?

Vital Influx Into Spot Bitcoin ETF

Furthermore, substantial inflows into Bitcoin Spot ETFs have additional fueled buyers’ confidence, signaling rising institutional curiosity within the flagship cryptocurrency. The week witnessed vital inflows into Bitcoin ETFs, with notable contributions from BlackRock iShares Bitcoin ETF.

As CoinGape Media reported, Bitcoin Spot Bitcoin ETFs skilled a surge in investor curiosity, with a major $577 million internet influx recorded on February 27. This inflow, marking the third-largest till launch, underscores rising confidence amongst Wall Road gamers.

In the meantime, the uptick follows BlackRock iShares Bitcoin ETF’s $520 million influx, hinting at a possible rally to $60,000. CoinShares’ Head of Analysis James Bitterfill praised the sturdy weekly influx whereas noting a shift from International Bitcoin ETPs’ $34 million in day by day buying and selling common in 2023 to $2 billion in 2024.

Bitcoin Halving & Ethereum ETF Anticipation

Anticipation surrounding the upcoming Bitcoin halving, anticipated in roughly 50 days, has contributed to optimistic market sentiment. Historic information signifies that earlier Bitcoin halving occasions have triggered vital worth rallies, driving optimism amongst crypto fans.

Though historic information doesn’t assure future efficiency, the market contributors appear to stay optimistic over the potential affect of the Halving rally.

Equally, expectations surrounding the approval of an Ethereum ETF by the U.S. SEC have added to the market’s buoyancy, mirroring the success of Bitcoin ETFs and projecting a optimistic outlook for Ethereum.

Regulatory Developments

Amid the market rally, regulatory developments are additionally shaping investor sentiment. Ripple’s ongoing authorized battle with the SEC, which is anticipated to achieve its climax in 2024, has garnered consideration, with speculations of a possible settlement between the events.

Notably, after Ripple fulfilled all discovery necessities associated to treatments, the U.S. SEC has requested an extension for the deadline for remedies-related briefing lately. This extension prolongs the anticipation inside the XRP group for particulars regarding XRP.

However, the Digital Chamber’s advocacy in help of Kraken in its lawsuit in opposition to the SEC underscores the broader regulatory panorama’s affect on market dynamics.

Additionally Learn: Cardano (ADA) Network Witnesses Remarkable Surge with 4.6 Million New Wallets

Optimistic Market Tendencies

In a major growth, Bitcoin Futures Open Curiosity (OI) has surged dramatically, contributing to the present surge in cryptocurrency costs. Over the previous 24 hours, Bitcoin’s OI spiked by 3.42% to achieve 447.43K BTC, equal to a staggering $26.61 billion, CoinGlass data confirmed.

Though the CME trade noticed a slight dip, different platforms like Binance and Bybit witnessed exceptional will increase of seven.64% and 6.59% respectively. As well as, Ethereum’s Open Curiosity additionally climbed by 1.82%, reaching a powerful $11.64 billion.

These surges point out heightened investor curiosity and exercise within the crypto market, doubtlessly driving up costs.

Meme Cash Rally

The meme coin sector has additionally famous a bull run right now, amid an upward pattern within the broader market. Pepe Coin was one of many high proportion gainers within the phase, including about 60% in its worth during the last 24 hours.

Notably, the meme coin sector has witnessed a surge of over 13% in its market cap to $25.08 billion, whereas the buying and selling quantity rocketed 195.8% to $3.70 billion.

Worth & Efficiency Amid The Rally

As of writing, the Bitcoin price was up 4.32% during the last 24 hours and traded at $59,265.02, whereas its buying and selling quantity during the last 24 hours decreased by 5.82% to $47.36 billion. During the last seven days, the BTC worth added over 16%, whereas noting a 40% month-to-month bounce.

Concurrently, the Ethereum price was about 1.31% to $3,298.02, after touching a 24-hour excessive of $3,366.61. The XRP price additionally soared almost 4% right now and traded at $0.5795, whereas its buying and selling quantity during the last 24 hours soared 64% to $2.58 billion.

The Pepe Coin price, being one of many high proportion gainers within the meme coin house, added almost 60% in its worth and traded at $0.0000034. Notably, the worldwide crypto market cap was up 3.38% to $2.22 trillion as of February 28, with a decline of round 5% in its buying and selling quantity from yesterday.

The concern and greed index stayed at 80, suggesting an excessive greed situation hovering over the market.

Additionally Learn: Top Analyst Predicts XRP To $0.91 Amid SEC’s Remedies Deadline Extension Buzz

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Rupam, a seasoned skilled with 3 years within the monetary market, has honed his expertise as a meticulous analysis analyst and insightful journalist. He finds pleasure in exploring the dynamic nuances of the monetary panorama. At present working as a sub-editor at Coingape, Rupam’s experience goes past standard boundaries. His contributions embody breaking tales, delving into AI-related developments, offering real-time crypto market updates, and presenting insightful financial information. Rupam’s journey is marked by a ardour for unraveling the intricacies of finance and delivering impactful tales that resonate with a various viewers.

The introduced content material could embrace the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty in your private monetary loss.