Bitcoin recently surpassed the $59,000 threshold, marking its closest approach to the record high since late 2021, while also defying predictions of a downturn. Alongside Bitcoin’s ascent, a significant recovery among alternative cryptocurrencies (altcoins) has been noted. On February 28th, the cryptocurrency market witnessed these notable changes.
Market Momentum Gains Strength
The total market capitalization of all cryptocurrencies has escalated to $2.21 trillion with the 24-hour trading volume soaring past $111 billion. This is a stark contrast to the $13 billion daily volume seen in earlier times, signifying a substantial rise.
Bitcoin’s Market Dominance Intensifies
In the past week, Bitcoin’s value has increased by 15.6%, bringing its market capitalization to a new peak of $1.165 trillion. Ethereum, another major cryptocurrency, is close to capping its 14% weekly gain. Out of the top 100 cryptocurrencies, PEPE Coin has emerged as the most notable performer, skyrocketing by 186%, in line with the anticipated breakout.
The spike in Bitcoin’s price coincided with MicroStrategy’s acquisition of an additional 3,000 BTC at an average of $51,813 per coin, between February 15th and 25th. MicroStrategy’s total holdings now stand at 193,000 BTC, purchased for $6.09 billion, making it the largest corporate holder of Bitcoin.
Terraform Labs Co-Founder’s Legal Challenges
Do Kwon, co-founder of Terraform Labs, has had his extradition to the United States approved by Montenegro. His legal team contends that the extradition process might not conclude until after a mid-March court hearing, leading to some uncertainty regarding his legal proceedings. David Patton, Kwon’s attorney, has informed the US District Court for the Southern District of New York that Kwon, detained since March 2023, is not expected to be extradited before the end of March, implying his absence from the trial set for March 25, 2024.