Crypto Surge: Bitcoin Surpasses $55,700, Altcoins Follow Suit in Market Rally

The recent surge in spot Bitcoin ETF activities has ignited a fervent rally, propelling the oldest and most esteemed cryptocurrency to its highest price point since 2021. As of Tuesday, February 27, Bitcoin’s value surged to approximately $55,753 (roughly Rs. 46.2 lakh), marking an impressive profit of 8.38 percent within the last 24 hours alone. Notably, Bitcoin briefly breached the $57,000 (roughly Rs. 47.2 lakh) threshold earlier in the day before settling at its current level. This significant uptick in value represents a staggering $4,263 (roughly Rs. 3.5 lakh) increase within the span of just one day.

The surge in Bitcoin’s value can be attributed in part to the record-breaking spot Bitcoin ETF trading volume, which soared to an unprecedented $1.3 billion (roughly Rs. 10,776 crore) courtesy of Blackrock. Analysts have identified this surge in ETF trading activity, coupled with the impending halving event expected within the next 50 days, as key bullish factors driving the cryptocurrency’s recent gains.

However, despite the optimism surrounding Bitcoin’s ascent, challenges lie ahead as the asset navigates through potential resistance points on its trajectory towards surpassing its previous all-time high of $69,000 (roughly Rs. 57.1 lakh), with the $57,500 (roughly Rs. 47.6 lakh) mark looming as a significant obstacle, according to insights provided by the CoinSwitch Markets Desk.

In tandem with Bitcoin’s meteoric rise, Ether, the second-largest cryptocurrency by market capitalization, also joined the rally, surging to a notable price point of $3,220 (roughly Rs. 2.6 lakh). This marks the first time since 2021 that Ether has breached the $3,200 (roughly Rs. 2.5 lakh) threshold, underscoring the broad-based bullish sentiment permeating the cryptocurrency market. With Ether’s value witnessing a substantial increase of $216 (roughly Rs. 17,905) within a short span, investors and enthusiasts alike are closely monitoring these developments, anticipating further movements in the days to come.

“ETH surpassed $3,200 (roughly Rs. 2.6 lakh) for the first time in two years, indicating a bullish market sentiment with heavy institutional buying. Overall, there is a positive sentiment as bitcoin halving approaches,” Edul Patel CEO of Mudrex crypto investment firm told Gadgets360.

Majority altcoins are also reflecting gains on Tuesday. These include Binance Coin, Solana, Ripple, Cardano, Dogecoin, Tron, and Chainlink. Uniswap, Litecoin, Near Protocol, Leo, Elrond, and Bitcoin SV are also all trading in gains following BTC’s rally.

“Another notable performer yesterday was the newest Ethereum-based memecoin to be listed on Binance, PEPE (+56.2 percent) that has reached its listing month’s high as well showing investors’ growing confidence in the crypto space,” the CoinSwitch team noted. Stablecoins meanwhile, are trading in losses on Tuesday. These include Tether and USD Coin. Other cryptocurrencies trading in the reds include Cartesi, SushiSwap, and Augur.