Bitcoin breaks $57,000 to succeed in inside 20% of all-time-high

• Bitcoin breaks $57,000 as BlackRock’s IBIT hits report with $1.3 billion
• BTC might attain or break previous its all-time excessive earlier than the halving

Bitcoin’s pre-halving rally has seen the bellwether crypto attain $57,000, pushing to inside simply 20% of its all-time excessive of $69,000 in 2021.

After breaking previous the $54,000 stage, Bitcoin worth prolonged its features to above $57k late Monday. On Coinbase, BTC rose to $57,250, with whole quick liquidations reaching $271 million. Bitcoin accounted for $189 million of the liquidated shorts.

Ethereum’s surge to highs of $3,280 additionally noticed over $67.8 million shorts liquidated.

Nonetheless, altcoins have been largely spectators to Bitcoin’s bullish present. Market intelligence platform Santiment shared this on X Tuesday morning.

“#Bitcoin has now scratched its approach to a market worth as excessive as $57,250, reaching inside 19.9% of the $68.6K excessive established 27 months in the past. Now at a pivotal second, merchants’ curiosity in $BTC is exceedingly excessive as #altcoins have quickly taken a again seat.”

BlackRock’s IBIT trades $1 billion value of shares

Bitcoin’s rally coincided with a stellar efficiency by spot Bitcoin ETFs, with BlackRock’s iShares Bitcoin Belief ($IBIT) outpacing the remainder. Based on Bloomberg ETF analyst Eric Balchunas, $IBIT accounted for $1.3 billion of the full $2.4 billion quantity recorded on Monday.

It is official..the New 9 Bitcoin ETFs have damaged all time quantity report as we speak with $2.4b, simply barely beating Day One however about double their latest day by day common. $IBIT went wild accounting for $1.3b of it, breaking its report by about 30%. pic.twitter.com/MiCs1rzttM

— Eric Balchunas (@EricBalchunas) February 26, 2024

The upside momentum additionally adopted information that MicroStrategy had bought 3,000 BTC, bringing its whole to 193,000 BTC acquired for a complete $6.09 billion. The corporate’s newest BTC buy was for $155 million.

Bitcoin was buying and selling round $56,430 early morning on Tuesday.