Bitcoin is up roughly 21% since Feb. 24, outperforming other asset classes
According to whale map, over 200,000 BTC was moved by whales amid Bitcoin’s 18% surge. Bitcoin, the largest cryptocurrency in the world, recently broke above the $44,000 level, hitting the highest price since February 17. On February 28, the flagship cryptocurrency recorded its biggest daily candle, adding around 15% in the past 24 hours.
After the leading digital currency went up on Monday, it gained more, touching a high of $44,981 on the first day of trading in March. At the time of publication, Bitcoin was trading at $44,539.
Despite the impressive rally, Bitcoin is still down around 6% year-to-date. The cryptocurrency is also down 35.20% from its all-time high. Bitcoin is up around 21% since Feb. 24, significantly outperforming other asset classes.
Bitcoin’s correlation with the SP500 recently dropped to 0.55 from 0.7, which underscores its diversification benefit. Charlie Bilello, CEO of Compound Capital Advisors, tweeted that the Fed’s balance sheet has hit another record high at $8.93 trillion, more than doubling over the past two years as the Fed continues bond buying. U.S. inflation also hit a 40-year high in the present month. Bitcoin’s positive sentiment comes as it is believed to be a hedge against inflation.
Purchase of bitcoins
As covered by U.Today earlier, the largest crypto ETF in Canada, Purpose Bitcoin ETF, bought more flagship crypto ahead of the current rise.
The fund increased its BTC holdings by 31%, adding 7,700 Bitcoin since late 2021. At the moment, Purpose Bitcoin ETF owns 32,329 BTC. On-chain analytics firm Glassnode reports that most Bitcoin wallet cohorts are now in net accumulation, with smaller holders being the most aggressive.
As the crypto market led by Bitcoin and Ethereum continues to rally, veteran trader John Bollinger posted a bullish tweet, saying he was positive about the continued rise of BTC and ETH. The veteran trader claims that Bitcoin and Ethereum continue to settle “beautifully” on their weekly charts.
