Cryptocurrency Price Today: Bitcoin Briefly Climbs Above $57,000 For The First Time Since 2021
Cryptocurrency price on February 27 quick take: The global market cap rose to a whopping $2.14 trillion.
Bitcoin (BTC), the oldest and most valued cryptocurrency in the world, managed to climb above the $55,000 mark for the first time since November 2021. It managed to briefly scale the $57,000 mark but later settled down below. It is largely being believed that the recent rally is an outcome of the rising investors’ confidence around BTC exchange-traded funds (ETF). Other top coins, including the likes of — Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), Ripple (XRP), and Litecoin (LTC) — landed in the greens across the board. Memecoin PEPE emerged to be the biggest gainer of the lot, with a 24-hour jump of over 51 percent. Worldcoin (WLD) became the biggest loser, with a 24-hour dip of nearly 14 percent.
The global crypto market cap stood at $2.14 trillion at the time of writing, registering a 24-hour gain of 7.36 percent.
Bitcoin (BTC) Price Today
Bitcoin price stood at $55,951.66, registering a 24-hour gain of 8.32 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 48.73 lakh.
Ethereum (ETH) Price Today
ETH price stood at $3,227.85 marking a 24-hour gain of 3.95 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 2.82 lakh.
Dogecoin (DOGE) Price Today
DOGE registered a 24-hour jump of 4.74 percent, as per CoinMarketCap data, currently priced at $0.08966. As per WazirX, Dogecoin price in India stood at Rs 7.80.
Litecoin (LTC) Price Today
Litecoin saw a 24-hour gain of 6.80 percent. At the time of writing, it was trading at $74.79. LTC price in India stood at Rs 6,470.
Ripple (XRP) Price Today
XRP price stood at $0.5549, seeing a 24-hour jump of 2.67 percent. As per WazirX, Ripple price stood at Rs 48.71.
Solana (SOL) Price Today
Solana price stood at $110.48, marking a 24-hour gain of 6.68 percent. As per WazirX, SOL price in India stood at Rs 9,498.
Top Crypto Gainers Today (February 27)
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
Pepe (PEPE)
Price: $0.000002086
24-hour gain: 51.07 percent
Theta Network (THETA)
Price: $2.11
24-hour gain: 42.25 percent
Pyth Network (PYTH)
Price: $0.7365
24-hour gain: 32.91 percent
Akash Network (AKT)
Price: $4.92
24-hour gain: 22.41 percent
Stacks (STX)
Price: $3.07
24-hour gain: 22.36 percent
Top Crypto Losers Today (February 27)
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
Worldcoin (WLD)
Price: $7.68
24-hour loss: 12.89 percent
SingularityNET (AGIX)
Price: $0.7063
24-hour loss: 6.90 percent
The Graph (GRT)
Price: $0.2845
24-hour loss: 4.66 percent
Uniswap (UNI)
Price: $10.70
24-hour loss: 3.47 percent
dYdX (ethDYDX) (ETHDYDX)
Price: $3.36
24-hour loss: 2.44 percent
What Crypto Exchanges Are Saying About Current Market Scenario
Mudrex co-founder and CEO Edul Patel told ABP Live, “Bitcoin jumped above $57,000 in the last 24 hours, affirming bullish control following a period of tight consolidation. Breaking through the $54,000 mark for the first time since November 2021, Bitcoin's rise was driven by sustained demand from spot Bitcoin ETFs. MicroStrategy's acquisition of an additional 3,000 BTC for $155 million contributed to the positive market sentiment. The next hurdles are expected at $57,400 and $60,000. Simultaneously, Ethereum reached a two-year high, surpassing the $3,200 level, propelled by substantial institutional buying. Overall, optimism prevails as the Bitcoin halving approaches.”
CoinSwitch Markets Desk noted, “BTC showed the highest one-day gain since pre-ETF days and the rally continues today with an impressive double-digit gain. Bitcoin is now at a touching distance of INR 50 lakh per coin with investors growing confidence in this rally; for the first time in 2 years. However, it is worthwhile to note that the journey from $57k to $69k (previous all-time high) might not be easy as BTC will face a lot of strong resistance points on the way., starting at $57.5k. With Blackrock’s spot Bitcoin ETF trading volume hitting a record $1.3 billion, and halving coming in the next 50 days, analysts are predicting this is an unprecedented bullish factor causing this gain.”
Shivam Thakral, CEO of BuyUcoin, said, “Bitcoin has finally broken out days after consolidating under its resistance. The cryptocurrency added $100 billion to its market cap by rallying over 10% in a single day. This rally could have been fueled by institutional buying who expected this move in foresight. MicroStrategy bought 3,000 BTC yesterday just before Bitcoin broke the resistance. Ethereum has also broken $3,200 days after breaching $3,000, which could set a new ATH after Bitcoin cools down.”
Rajagopal Menon, Vice President, WazirX, said, “Bitcoin surged past $57,000 on Tuesday, marking its highest level since November 2021, following substantial gains in the U.S. market on Monday. Despite a slight pullback to $56,500, it maintained a 9% gain over the last 24 hours. Monday's rally saw Bitcoin surpassing key milestones at $53,000, $54,000, $55,000, $56,000, and $57,000, prompting active trading in U.S.-based spot Bitcoin ETFs. The group, excluding Grayscale's GBTC, recorded a record-high $2.4 billion in trading volume on Monday. GBTC experienced its smallest one-day Bitcoin outflow since the ETF's January 11 launch, shedding only 921 tokens.”
Sathvik Vishwanath, CEO and co-founder of Unocoin, said, “U.S. bitcoin ETF trading rose to a record $2.4 billion, doubling the recent daily average, with BlackRock's IBIT leading the way at $1.3 billion. The increase coincided with bitcoin's steady rise to $56,400. Bloomberg Intelligence's Eric Balchunas attributes the increased activity after the weekend to rising prices. BlackRock Dominance ranks IBIT as the 11th highest rated ETF. Amid stiff competition, VanEck has cut fees for its HODL ETF to 0.20%, joining others ranging from 0.19% to 0.39%. BlackRock initially set the fee for the iShares ETF at 0.12%, potentially rising to 0.25% after $5 billion in assets. Meanwhile, many firms, including BlackRock and Fidelity, have filed for spot Ethereum ETFs, anticipating continued demand. Bitcoin breached the $57,000 mark on Monday, marking major price milestones.”
CoinDCX Research Team told ABP Live, “in the last 24 hours, BTC surged to $57,000 and ETH surpassed $3,200, indicating a bullish market sentiment. Positive flows into BTC Spot ETFs and continued purchases by institutions like Microstrategy fueled the momentum. From a technical perspective, BTC broke out of its range and showed a parabolic rise. Currently, it's trading below the resistance level at $57,500. Likewise, ETH also broke out of its range, retested, and is now trading below the resistance level at $3,250.”
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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.
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