- Bitcoin surpasses $52,400 pushing its market value beyond $1 trillion, surpassing companies like Tesla.
- Ethereum hits $2,816 up 6.89% as analysts anticipate further increases for Bitcoin in March 2024.
With Bitcoin’s price rising above $52,400, anticipation is growing about the possibility of setting new highs in the next month. Bitcoin (BTC) has continued its upward trend, increasing more than 6% in the last 24 hours and surpassing the $52,400 mark.
![BTC_7D_graph_coinmarketcap BTC_7D_graph_coinmarketcap](https://www.ethnews.com/wp-content/uploads/2024/02/BTC_7D_graph_coinmarketcap-2.jpg)
This boost in Bitcoin’s value has propelled its market value above $1 trillion, surpassing big-name companies like Tesla.
In the recent cryptocurrency market rally, Bitcoin (BTC) has surpassed $52,000, currently reaching $51,930.82, representinga 5.9% rise in a 24-hour span.
Some industry analysts are already anticipating a further 40% increase in Bitcoin price to set new highs by March 2024.
In parallel, Ethereum (ETH) has also seen an outstanding increase, surpassing $2,800 to stand at $2,826.89, indicating a 6.89% rise over the same period. Alongside Ethereum, the top ten altcoins have all seen increases of 5% to 10%.
Market information provided by CoinGlass indicates a significant settlement of $225 million in the cryptocurrency market in 24 hours. Of this figure, $45.15 million is attributed to settled long orders, while $180 million is due to settled short orders.
![Total-liquidation-chart-coinglass](https://www.ethnews.com/wp-content/uploads/2024/02/Total-liquidation-chart-coinglass.png)
One of the factors behind the rise in Bitcoin’s price is the intense inflow of capital into cashBitcoin ETFs. Investments in these new investment vehicles in the U.S. topped $600 million in a single day just earlier.
BTC price forecasts
In a recent analysis, cryptocurrency analyst Michael van de Poppe pointed to Bitcoin’s impressive rise, surpassing the $51,000 mark to reach a new yearly high.
![](https://www.ethnews.com/wp-content/uploads/2024/02/BTCUSDT.webp)
Surprised by the market strength, van de Poppe indicated that we could see a high between $54,000 and $58,000 before the next halving event.
According to observations from data provider Santiment, Bitcoin has now broken back above $52,000, reaching a level not seen since December 3, 2021.
![](https://www.ethnews.com/wp-content/uploads/2024/02/Bitcoin-52000-2048x1350-1.jpeg)
However, experts recommend caution, as excessive celebrations after reaching such levels are often followed by temporary drops in the market.
In the context of a bull market, historical records reveal an intriguing correlation between traders’ unbridled enthusiasm in social networks and the formation of local highs.