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Bitcoin Tops $54K, May Run Towards $58K as Crypto Rally Resumes
Bitcoin could target $58,000 after the breakout, Swissblock analysts suggested.
Updated Mar 8, 2024, 10:10âŻp.m. Published Feb 26, 2024, 4:35âŻp.m.
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- Bitcoin topped $54,000 Monday, breaking through a key resistance level that capped prices since mid-February.
- SOL, MATIC, ATOM led altcoin gains, while crypto-focused stocks Coinbase, MicroStrategy, Marathon Holdings and Riot Platforms booked double-digit advances.
- Bitcoin's next short-term target is $57,000-58,000, Swissblock said.
Bitcoin topped $54,000 on Monday surging to its highest price since November 2021, leaving past its recent sideways range as the crypto rally suddenly resumed.
The largest crypto by market cap broke through its major resistance level at $53,000 during mid-morning U.S. trading hours, which halted price rallies over the past two weeks, and quickly ran just shy of $55,000 by afternoon hours before slightly retraced, CoinDesk data shows. At press time, BTC was changing hands at $54,400, up nearly 5% over the past 24 hours. It outperformed the broad-market CoinDesk20 Index (CD20), which advanced 4%, topping the 2,000 level for the first time.
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Ether , the second-largest crypto asset, also rose nearly 4%, hitting a fresh 22-month high of $3,200.
Read more: Ether's Bitcoin Beating Rally Not Just Because of Potential ETF Approval: Bernstein
Solana's native token , Polygon's MATIC and Cosmos' ATOM led gains among major cryptocurrencies in the CD20 index, with 5%-7% advances.
The crypto rally also lifted digital asset-focused stocks. Shares of crypto exchange Coinbase (COIN) and the Michael Saylor-helmed MicroStrategy (MSTR) both gained 17% during the day. Large-cap bitcoin miners Marathon Digital (MARA) and Riot Platforms (RIOT) booked 22% and 15% gains, respectively.
Bitcoin targets $58,000
While some market observers anticipated that bitcoin could correct to $48,000 as it stalled, Monday's bounce was a decisive breakthrough of one of the last historically important resistance levels before record highs.
"BTC now seems to finally break out from the range it has been in since Feb. 15," crypto analytics firm Swissblock said in a Telegram market update Monday. "The momentum is moving up strongly. All sails are set."
Swissblock analysts added that the next level for bitcoin's price target is the $57,000-$58,000 range, with new all-time highs in sight after that.
The move was also coupled with an uptick in bitcoin's price premium on Coinbase compared to other exchanges, suggesting demand coming from U.S. investors.
Big, fat coinbase premium today.
â ted (@tedtalksmacro) February 26, 2024
That is the price of spot at coinbase vs other exchanges... Larry and friends are loading up đł pic.twitter.com/oh0tLRcAtJ
U.S.-listed spot bitcoin exchange-traded funds (ETF) also experienced heavy trading interest, with BlackRock's IBIT booking its largest daily trading volume since its debut, TradingView data shows. However, ETF trading volumes do not always translate to inflows for the funds, an NYDIG report pointed out.
UPDATE (Feb. 26, 20:41 UTC): Updates prices. Adds performance of altcoins, crypto stocks, bitcoin ETF trading volume data.
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoinâs activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoinâs role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Gold tops $5,000 as bitcoin stalls near $87,000 in widening macro-crypto split: Asia Morning Briefing
Bitcoinâs onchain data points to supply overhang and weak participation, while goldâs breakout is priced by markets as a durable macro regime shift.
What to know:
- Goldâs surge above $5,000 an ounce is increasingly seen as a durable regime shift, with investors treating the metal as a persistent hedge against geopolitical risk, central bank demand and a weaker dollar.
- Bitcoin is stuck near $87,000 in a low-conviction market, as on-chain data show older holders selling into rallies, newer buyers absorbing losses and a heavy supply overhang capping moves toward $100,000.
- Derivatives and prediction markets point to continued consolidation in bitcoin and sustained strength in gold, with thin futures volumes, subdued leverage and weak demand for higher-beta crypto assets like ether reinforcing the cautious tone.
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