Bitcoin Surges Above $59K as Bull Rally Continues

The “fear and greed” index reading is now at 87, a sign of “extreme greed.”

AccessTimeIconFeb 28, 2024 at 9:04 a.m. UTC
Updated Mar 9, 2024 at 2:15 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Bitcoin (BTC) surged above the $59,000 level in European morning hours on Wednesday, adding 5% in the past 24 hours and reaching a $1.2 trillion market capitalization.

The price spike came as spot bitcoin exchange-traded funds (ETFs) recorded over $3 billion in cumulative trading volumes on Tuesday, contributing to demand. Some traders also pointed to the bitcoin halving event, expected in April, as a new narrative that causes a pre-halving rally.

Meanwhile, the broader CoinDesk 20 index (CD20) jumped nearly 3%.

Futures bets on lower bitcoin prices took on $25 million in liquidations since Asian morning hours, Coinglass data shows, which may have contributed to the price spike.

Elsewhere, major tokens ether (ETH), Solana’s SOL and XRP gained as much as 3% since Asian morning hours, CoinGecko data shows.

Meanwhile, the fear and greed index, a sentiment metric that tracks the rate of change in asset movement against inherent fundamentals, flashed 82 on Wednesday – implying extreme greed and reaching the highest such level in over a year.

The index is rated on a scale of 0-100, with 0 being the most fearful and 100 being the most greedy. A greedy environment is considered a sign of euphoria, which “means the market is due for a correction,” the index’s developers say.

Traders remain unfazed, however, with some expecting bitcoin to cross its previous highs of $69,000 in March.

Edited by Parikshit Mishra.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Shaurya Malwa

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.

Read more about