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Bitcoin ETFs, Microstrategy, and Trump are driving today\u2019s rally. <\/p>\n
Another day brings another all-time high.<\/p>\n
Bitcoin<\/a> surged as high as $72,211 on Monday, according to Coingecko<\/a>, the highest ever. That represents a 3.6% jump on the day.<\/p>\n Technical analysts say at these prices the largest cryptocurrency has entered \u201cprice discovery,\u201d meaning there are no data points to predict its next resistance levels.<\/p>\n The network\u2019s market cap continues to grow, now at $1.4 trillion, placing it one place ahead of silver at $1.3 trillion and Meta at $1.2 trillion. Bitcoin now ranks 7th<\/a> for all assets by market cap.<\/p>\n <\/p>\n Spot Bitcoin ETFs are the undeniable driver of the current Bitcoin rally<\/p>\n It took the nine funds \u2013 led by BlackRock \u2013 two months to accumulate $55 billion in assets under management, with total volumes exceeding $110 billion \u2014 numbers that ETF analyst Eric Balchunas claims are \u201csimply absurd<\/a>.\u201d<\/p>\n But the ETFs aren\u2019t the only drivers.<\/p>\n Microstrategy continues to add Bitcoin to its balance sheet.<\/p>\n The company acquired 12,000 BTC for $820 million, bringing its total BTC under management to 205,000 bitcoin or roughly $14 billion dollars, according to<\/a> the firm\u2019s chairman, Michael Saylor.<\/p>\n <\/p>\n Start for free<\/a><\/div>\n <\/p>\n With an average buy price of $33,700, Saylor and his company have unrealized profits of $7.7 billion. Microstrategy\u2019s stock, $MSTR, has also gone near vertical, now valued at $1,550, a threefold increase in its price since early February 2024.<\/p>\n Ethereum<\/a>, the second-largest crypto, trades for $4,052, with a 3.7% gain on the day. It has been on a better streak than Bitcoin, snatching 62% gains over the past thirty days versus Bitcoin\u2019s 53%.<\/p>\n Price catalysts for Ethereum include the Dencun upgrade<\/a> and the potential spot ETH ETF approval in May.<\/p>\n The Dencun upgrade, scheduled for Mar. 13, is expected to drastically reduce transaction fees on Ethereum, especially on L2s. It achieves the drop in gas by introducing lightweight sets of data known as Binary Large Objects (blobs) via EIP-4844<\/a>, also called proto-danksharding.<\/p>\n Republican presidential candidate Donald Trump also jumped onboard crypto today, claiming on CNBC<\/a> he is \u201chaving fun with it.\u201d<\/p>\nETFs and Microstrategy<\/h2>\n
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ETH Rallies<\/h2>\n
Trump Touts Crypto<\/h2>\n