Bitcoin (BTC) surpassed the magical $60,000 mark today for the first time in more than 800 days. The price has skyrocketed in the last few days, making the monthly increase impressive. With just over a day to go, the world’s largest cryptocurrency is on track for a record-breaking monthly gain.
Revolutionary month for Bitcoin
The psychological mark of $60,000, which has not been reached since November 21, 2021, was broken shortly after 2 p.m. Bitcoin reached the limit just below $61,000 but is still above $60,000.
The day started with a price of around $57,000, meaning Bitcoin is up more than 5 percent today.
Today’s price explosion continues the phenomenal rally of the last few days. Bitcoin has already risen by around 18 percent since Monday.
If you look at the numbers from last month, the increase is even greater. The month of February opened with a price of just over $42,000. This means that Bitcoin has gained more than 41 percent in value so far.
Tomorrow marks the last day of the month that could go down in history. In dollar terms, Bitcoin has never had a month as strong as it is now. Overall, Bitcoin’s value has increased by $17,700, surpassing even the strong months of the previous bull market. Bitcoin News reported the finding earlier today on the social media platform X.
In percentage terms, however, Bitcoin had even better months. However, the last time the price rose more than 40 percent in a month was in December 2020.
Bitcoin ETFs are the driving force
Bitcoin spot Exchange-traded funds (ETFs), which hit US stock markets in mid-January, are playing an important role in the current recovery.
In the last two days, stock exchange funds shone with inflows of more than $500 million. Total inflows since launch now exceed 300,000 BTC.
Additionally, the funds, excluding Grayscale’s GBTC, reached a total trading volume of more than $2 billion on both Monday and Tuesday.
Earlier this month, the funds also enjoyed a winning streak marked by daily net inflows of hundreds of millions of dollars. It is clear that ETFs are very popular, which benefits the BTC price.
