Bitcoin Surges to $60,000 Amidst 3.7% Daily Gain: What Does This Mean for Web 3.0?

The Rise of Bitcoin: A Closer Look at Web 3.0

The emergence of Bitcoin, the first cryptocurrency in the world, has seen a significant increase of 3.79% in the past 24 hours leading up to 8:20 am UTC, reaching an impressive trade value of $58,504. This marks the highest point in its value in over two years and three months.

On a weekly basis, Bitcoin (BTC) has experienced a remarkable surge of 13.5%, and a staggering 38% increase on a monthly scale, as reported by CoinMarketCap data.

This surge in Bitcoin’s value comes just two days after the announcement that Michael Saylor’s MicroStrategy had acquired an additional 3,000 Bitcoin for a total of $155 million, with an average price of $51,813, between February 15 and 25. With a total of 193,000 Bitcoin acquired for $6.09 billion, at an average price of $31,544, MicroStrategy is now the world’s largest holder of Bitcoin among publicly traded companies.

According to Mikkel Morch, founder of the digital asset investment fund ARK36, this recent purchase by MicroStrategy is the main driving force behind the current rally. In a research note shared with Cointelegraph, Morch stated:

“The institutional endorsement from MicroStrategy is largely responsible for fueling this rally.”

The Evolution of the Web: From 1.0 to 3.0

In the past 24 hours, the total value of the cryptocurrency market has risen by 2.85% to reach $2.19 trillion. This surge can be attributed to the recent increase in Bitcoin’s price, which crossed the $57,000 mark. This rise in value is a result of both the inflow of Bitcoin ETFs and the growing optimism among crypto investors.

According to experts, we may witness new record highs for both Bitcoin and Ether in the coming weeks, driven by the impending Bitcoin halving event and the potential approval of a U.S. spot Ether ETF. As Morch puts it, “the buzz surrounding the approval of spot Ether ETFs highlights the maturity of the cryptocurrency market and recognizes Ethereum’s role not just as a digital currency, but as a backbone for the intersection of finance and technology.”

On February 28, the combined trading volume of nine spot Bitcoin ETFs surpassed $2 billion for the second day in a row.