January and February have been a real rollercoaster of emotions: Bitcoin ETFs were approved, the crypto market regained a trillion-dollar market cap, and to top it off, this week Bitcoin surpassed its all-time high (ATH).
As you can see, in the crypto world, you can’t blink, or you might miss something.
Bitcoin Sets a New All-Time High
On Tuesday, March 5th, Bitcoin reached a new all-time high of $69,170, surpassing the previous record set in November 2021 at $68,789.
To give you an idea, Bitcoin has been steadily rising over the past few months; since October 2023, BTC has seen a 140% increase. Focusing on 2024, in just 2 months, it has grown almost 50%.
The halving and the excellent performance of Bitcoin ETFs are driving the price of Bitcoin upwards.
Michael Saylor, former CEO of MicroStrategy and one of the world’s largest BTC holders, recently pointed out that Bitcoin ETFs are outperforming traditional investment products in just two months, comparing them to those listed on the S&P 500, the leading U.S. stock index.
MicroStrategy Considers Buying Ethereum
Speaking of Michael Saylor, it seems that he might change his investment strategy.
MicroStrategy has consistently bought Bitcoin and has become one of the largest BTC holders (with 193,000 BTC). However, with the advent of ETFs, major U.S. financial institutions are accumulating Bitcoin, which, combined with the halving, will lead to a price increase but also scarcity in the supply.
Thus, MicroStrategy is considering the possibility of buying ETH, as it has a higher issuance and a lower price. This would allow the company to diversify its portfolio and boost the price of ETH, which is already experiencing excellent performance.
Artificial Intelligence Leads the Crypto Market
Tokens related to Artificial Intelligence show excellent growth.
Fetch.Ai has experienced an increase of over 100% in recent weeks. AGIX, SingularityNET’s token, has risen almost 40%. Others, like RLC from iExec, have grown by 79.73% in the last month, while The Graph’s GRT token has surpassed 110% growth in the same period.
These increases indicate that Artificial Intelligence will be one of the main drivers of growth and usage for tokens and Web3 in the future.
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