Bitcoin eyes $60k, XRP holds steady

Bitcoin surged for a fifth consecutive day on Wednesday, approaching $60,000, fueled by investment in new Bitcoin ETFs and anticipation surrounding the upcoming halving event.

The world’s most popular cryptocurrency is currently trading at $59,270, its highest level since December 2021, and is up just under 40% in February, which could be its strongest monthly performance since December 2020.

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Other major cryptocurrencies also saw gains, with Ethereum reaching a two-year high of $3,352. XRP, meanwhile, managed to hold its ground, remaining stable at around $0.58.

The recent surge is likely driven by increased investment in new US spot Bitcoin exchange traded products, along with excitement surrounding the upcoming Bitcoin halving event scheduled for April. The halving is a pre-programmed event that reduces the number of new Bitcoins entering circulation every four years, potentially impacting its price.