Bitcoin (BTC) Tops $55,000 for the First Time Since 2021

Bitcoin (BTC) shoots past the $55,000 price mark for the first time since December 2021.

People carrying a huge Bitcoin over their heads.
Created by Kornelija Poderskytė from DailyCoin
  • Bitcoin has resumed an upward trajectory.
  • The crypto asset’s price reached a new yearly high on Tuesday.
  • Such a price level was last seen in 2021.

Bitcoin (BTC), the largest crypto asset by market capitalization, tapped a new yearly high on Tuesday, surpassing a price mark last seen in December 2021.

Following a bullish trend that saw the asset hover slightly above the $50,000 price point for the better part of last week, BTC has resumed an upward momentum, gaining as much as 8.58% in the last 24 hours and 33.06% over the last month.

Bitcoin Rallies Toward 2021 Highs

On February 27 at about 1:30 AM UTC, the price of Bitcoin started rapidly gaining from $54,753 to $57,039 in less than an hour before pairing some of the gains to trade at $56,328 at about 3:00 AM UTC.


As of press time, the industry’s largest crypto asset had retraced to around $55,730, nearly 21% away from the all-time high of $69,000 in November 2021.

BTC’s early Tuesday rally follows an impressive performance of spot Bitcoin exchange-traded funds (ETFs) on February 26.

According to Bloomberg ETF analyst Erich Balchunas, nine Bitcoin ETFs broke the all-time volume record on Monday with $2.4 billion, double their recent daily average. This shows a growing demand for the crypto asset beyond regular digital asset enthusiasts.


Analysts further anticipated Bitcoin’s price to rally with a potential supply shock arising from the combined buying pressure by these Bitcoin ETF funds. Coupled with the approaching Bitcoin halving, this supply-demand dynamic contributed to the optimistic sentiment, potentially driving the price upwards.

Adding to Tuesday’s bullish momentum, MicroStrategy announced earlier a purchase of an additional 3,000 BTC, bringing its total Bitcoin holdings to 193,000 BTC.

Read why Trump is calling for Bitcoin regulation:
Trump Calls For Bitcoin Regulation as Holdings Soar Past $5M

Stay updated on Ethereum’s new price success:
ETH’s $3K Success Breaths New Life into Ethereum L2 Market

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Brian Danga

Brian Danga, a Kenyan crypto reporter, is dedicated to delivering breaking news and updates from the cryptocurrency world. With a background as a Web3 writer and project manager, he recognizes the importance of unbiased reporting. Holding an LLB degree from the University of Nairobi, Brian's analytical skills contribute to his accurate news reporting. His personal interests include cooking, watching documentaries, reading, and engaging in intellectual discussions.