On February 28 2024, the market value of Bitcoin (BTC) had risen to $1.2 trillion, up 6.5% in the last 24 hours, and the price had soared above $61,000.
This comes as the combined trading volumes of almost $3 billion propelled the price increase on Tuesday, and several traders pointed to the bitcoin halving event as a fresh narrative that caused a rally before the halves.
Since the early hours , over $40 million worth of future bets on lower Bitcoin prices have been liquidated, which could have contributed to the price increase. Since then major tokens such as XRP, Solana (SOL), and Ethereum (ETH) have gained up to 5%.
Additionally, an indication of extreme greed, the fear and greed index hit an all-time high of 82, its highest level in more than a year.
Crypto community is unconcerned, with some traders predicting that March will see BTC price rise above $69,000, its previous high.
