Bitcoin BTC
+3.27%
is expected to close out February posting a month-to-date gain of nearly $20,000.
In US dollars, this is the largest monthly gain ever for the digital asset, according to Coingecko data. Bitcoin’s green candle for February, as seen in candlestick price charts, is approaching the $20,000 mark, specifically registering at $19,976 as of 10:42 a.m. ET.
This is followed by the October 2021 monthly candle, which saw an increase of $17,978. Third place is occupied in February of the same year, with a positive difference of $15,467.
Investors and analysts often use candlestick charts to analyze price movements and trends in financial markets.
Bitcoin’s green candle for February is expected to be its largest yet. Image: Coingecko.
The digital asset’s price surge comes as U.S. spot Bitcoin exchange-traded funds (ETFs) generated a record net inflow of $673.4 million on Wednesday, surpassing the previous high of $655.2 million established on their launch day on January 11.
BlackRock’s IBIT spot bitcoin ETF dominated flows, adding $612.1 million, according to data from BitMEX Research, marking the highest inflow to date.
According to Jasper De Maere, head of research at Outlier Ventures, the Bitcoin price appreciation comes as selling pressure from Grayscale’s converted GBTC fund has waned. “This set up February for a strong month of institutional Bitcoin buying. Throughout February, we consistently saw days with $500 million inflows into Bitcoin ETFs,” De said. Maere at The Block.
The analyst expects Bitcoin’s rally to continue, driven by a combination of institutional adoption, a favorable macroeconomic environment, and enthusiasm around the innovation of the Bitcoin ecosystem. “The coming months will continue to be positive for Bitcoin price developments in the medium term,” De Maere said.
Stijn Paumen, CEO of Helio, highlighted that the current price of Bitcoin is only 8% below its all-time high of over $68,000, reached in November 2021. “We are close to the all-time high of Bitcoin at two months from the start of the halving cycle. ” Paumen told The Block.
The largest digital asset by market cap rose more than 3% in the past 24 hours, trading for $63,000 as of 10:56 a.m. ET, according to The Block’s price page. The GM 30 Index, representing a selection of the top 30 cryptocurrencies, rose 4.79% to 133.45 over the past 24 hours.
The price of Bitcoin surpassed the $63,000 mark on Thursday. Image: The block.
Disclaimer: The Block is an independent media outlet providing news, research and data. Since November 2023, Foresight Ventures has been a majority investor in The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to provide objective, impactful and current information about the crypto industry. Here is our current financial information.
© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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