FX.co ★ Bitcoin surges to 2-year high in late February

Crypto investors cheer Bitcoin’s long-awaited stunning rally. On February 27, the flagship cryptocurrency surpassed $57,000. On February 28, Bitcoin touched the level of $59,000 for the first time since November 2021. Bullish forecasts are coming true!

At the end of February, the number one crypto rallied to the highest level in more than two and a half years. Bitcoin traded on the Coindesk platform grew in value to $59,000.

According to Coindesk’s estimates, the most popular crypto has appreciated by 32% since the beginning of 2024. As of today, the capitalization of the whole crypto market equals $2.7 trillion. Interestingly, Bitcoin jumped by more than 10% in a single trading day. The reason behind the spike is a huge transaction by MicroStrategy, the provider of business intelligence, mobile software, and cloud-based services. The company reported that it added almost 3,000 BTC worth $155.4 million to its corporate portfolio of crypto investments. The flagship crypto topped the $50,000 landmark last month. Analysts say that Bitcoin has been soaring on the back of uncertainty in the global economy.

However, some experts are skeptical about Bitcoin. Ulrich Bindseil, ECB Director General of Market Infrastructure and Payments, insists that Bitcoin’s fair value is zero dollars. “The latest approval of an ETF doesn’t change the fact that bitcoin is not suitable as a means of payment or as an investment,” the policymaker posted in the ECB blog. The ECB economist explained that Bitcoin has no merit for investors because it does not generate extra income as real estate or dividends as securities.