The last time Bitcoin traded at similar levels was in November 2021, before correcting from its all-time high of $68,789.
Bitcoin, the world’s first cryptocurrency, rose 3.79% in the 24 hours leading up to 8:20 am UTC, to trade at $58,504, for the first time in two years and three months.
Bitcoin (BTC) is up over 13.5% on the weekly chart and over 38% on the monthly, according to CoinMarketCap data.
Bitcoin’s price rally comes two days after the announcement that Michael Saylor’s MicroStrategy had acquired an additional 3,000 Bitcoin for a total of $155 million at an average price of $51,813 between Feb. 15 and 25. With a total of 193,000 Bitcoin acquired for $6.09 billion at an average price of $31,544, MicroStrategy is the world’s largest Bitcoin holder among publicly traded companies.
