Key Takeaways:
- Bitcoin’s Record Monthly Gain: Bitcoin price has achieved a historic milestone by recording its largest-ever monthly candle, surging nearly $20,000 in February, marking an unprecedented 47% increase and adding a staggering $390 billion to its market cap.
- Remarkable Performance in February: Despite falling short of its all-time highs, Bitcoin price showcased remarkable performance in February, delivering gains of 43.55% against the US dollar, the highest since December 2020, according to data from CoinGlass.
- Long-Term Significance of $20,000 Level: The $20,000 level represents a crucial all-time high for Bitcoin, last seen in December 2017, and remained unbeaten for three years. This achievement underscores Bitcoin’s gradual but significant ascent over almost a decade.
- Market Resilience and Unexpected Events: Bitcoin demonstrated resilience and stability despite concerns leading up to the monthly close. Unexpected events defied market expectations, including a surge to $64,000 and a 49% monthly candle. Factors such as the influx of $8 billion in Bitcoin ETFs contributed to the crypto’s recent momentum. Investors are keenly watching Bitcoin’s next moves in light of this historic monthly gain.
Bitcoin’s remarkable performance in February has set a new milestone as it recorded its largest monthly candle in USD history, reaching nearly $20,000. Despite falling short of its all-time highs, the crypto has demonstrated substantial gains, leaving enthusiasts and analysts astonished.
Bitcoin Monthly Gains | Source: Coinglass
The lead on-chain analyst at Glassnode, known as Checkmate, shared the extraordinary achievement in a post on X (formerly Twitter) on March 1. According to CoinGlass data, Bitcoin closed February with gains of 43.55% against USD, marking its most significant monthly increase since December 2020.
Checkmate, accompanied by Glassnode data, emphasized the absolute impact of February’s performance, revealing that the monthly candle reached an unprecedented $19.84k. This surge, the largest monthly USD increase in Bitcoin price history, added a staggering $390 billion to the crypto’s market cap, reflecting a remarkable 47% surge.
Unreal…Feb 2024 printed a $19.84k #Bitcoin candle, the largest monthly USD increase in history.
This added $390B to the #Bitcoin market cap…
Up a remarkable 47%. pic.twitter.com/bCXeKd9Uot
— _Checkɱate 🟠🔑⚡☢️🛢️ (@_Checkmatey_) March 1, 2024
To put this achievement into context, the $20,000 level represented an all-time high for Bitcoin price, a level last witnessed in December 2017 and maintained for three years. Notably, it took Bitcoin nearly a decade to reach and surpass this significant milestone.
As the market celebrated this record-breaking feat, concerns about potential volatility were associated with the monthly close. Monthly candles, upon expiration, can trigger market fluctuations, posing challenges for Bitcoin, especially considering the lack of substantial bid liquidity in the order books.
BTC/USD | Source: TradingView
Despite the concerns and uncertainties leading up to the monthly close, Bitcoin traded at $61,600 at the time of writing, showcasing resilience and manageable volatility. This stability follows a series of unexpected events, including a surge to $64,000 and a 49% monthly candle that defied expectations.
One key factor contributing to Bitcoin’s recent momentum was the significant inflow of nearly $8 billion in spot Bitcoin exchange-traded funds (ETFs) during the latter half of last month. This unexpected development propelled the price beyond $60,000, surprising many market participants.
Bitcoin enthusiasts now eagerly anticipate the crypto’s next moves, with the historic $20,000 monthly gain adding a new chapter to its journey and underlining its resilience in the face of market challenges.
Source: CoinTelegraph
