Bitcoin Sees Highest February Returns In 11 Years, What Comes Next In March?

With its price rising to $60,000 over the last day, February has turned out to be quite the bullish month for the Bitcoin price. According to data from Coinglass, this green month has seen the emergence of the second most profitable February in the history of Bitcoin.

Timeline of Bitcoin

Digital asset mining company Marathon Digital Holdings (NASDAQ:MARA) reported fourth-quarter financial results Wednesday after the market close. What Happened: Marathon Digital reported fourth-quarter revenue of $156.8 million, which was up 452% year-over-year.

The significant demand from spot bitcoin ETFs, which require 2,800 bitcoins daily, compared to the production of only 900 new bitcoins in the same period, is having a major impact on price.

Traders anticipate Bitcoin (BTC) will soar past its all-time high of $69,000 in March, fueled by euphoric sentiment and institutional buying demand. The impending halving event, scheduled for mid-April, ignites bullish enthusiasm among investors, historically associated with significant price rallies.

Binance Labs, the venture capital and innovation incubator of the global cryptocurrency titan Binance, has invested significantly in Babylon. This innovative Bitcoin staking protocol enables Bitcoin holders to leverage their assets on proof-of-stake (PoS) blockchains.

Former President Donald Trump said Bitcoin has "taken a life of its own" when asked whether the U.S. should embrace the cryptocurrency during a Fox News town hall event before the South Carolina Republican primary last week. “You probably have to do some regulation.

Today, the crypto market soared, with the total value of all cryptocurrencies rising by around 9% to over $2.14 trillion. Bitcoin surged by 12% to hit $57,000, boosting its market value to over $1.11 trillion, representing more than half of the entire crypto market.

Bitcoin NFTs on Magic Eden have seen their best month yet for fees and trading volume amid sustained interest in the leading cryptocurrency from industry participants and Wall Street.

Electric vehicle giant Tesla Inc (NASDAQ:TSLA) was one of the largest companies to add Bitcoin (CRYPTO: BTC) to its balance sheet with a $1.5 billion addition disclosed in February 2021. While Tesla profited from selling portions of its Bitcoin holdings previously, the company could have made even more if it had listened to Bitcoin bull Michael Saylor.

Bitcoin reached the $57,000 value mark on the 27 February after roaming around the $ 50k value for weeks. It is the closest value it has reached to its last all-time high value of $65,000 and is expected to cross that this time.

In a surprising turn of events, Bitcoin has experienced a massive rally, causing significant losses for short sellers in the cryptocurrency market. Within just 24 hours, Bitcoin surged by nearly 11%, briefly reaching a new yearly high of $57,000.