The rise in Bitcoin’s price has continued over the past 24 hours: the asset surpassed the $60,000 mark and reached a multi-week high of over $60,500.

Altcoins are also showing growth, leading to an increase in the total cryptocurrency market capitalization by more than $70 billion since yesterday.

BTC hits $60.5K

After a correction last Friday, which brought BTC down to $52,500, the asset slightly recovered over the weekend but surged on Monday, climbing by $4,000 in 24 hours and briefly surpassing $58,000. Price action in the middle of the week was quite volatile, especially after Wednesday’s release of the U.S. Consumer Price Index data, with Bitcoin experiencing several ups and downs.

However, it seems the bulls have taken control of the market. On Friday, they initiated another upward push, bringing BTC close to $60,000. Although it initially struggled, the cryptocurrency broke past this level earlier this morning and reached a 16-day high just above $60,500.

This came after a trend reversal in U.S. spot Bitcoin ETFs, which saw more than $400 million in net outflows over the past week. Additionally, MicroStrategy announced another major BTC purchase worth over $1.1 billion. This significantly increased the business analytics software giant’s Bitcoin holdings to 244,800 BTC, which at current prices amounts to more than $14 billion.

The world’s largest corporate Bitcoin holder spent just over $1.1 billion to purchase 18,300 BTC at an average price of $60,408 per Bitcoin.

As of September 12, the firm now holds 244,800 BTC, which it acquired for $9.45 billion. This means the company currently has an unrealized profit of almost $5 billion, as the average acquisition price stands at $38,585 per Bitcoin.

It's worth noting that MicroStrategy began its BTC accumulation strategy just over four years ago, in August 2020, and has since been making regular purchases.

Michael Saylor, the co-founder and current chairman of MicroStrategy, who stepped down as CEO of the company a few years ago, previously stated that he would "buy Bitcoin forever." He has become one of the most prominent advocates of BTC, predicting a massive price increase for the asset — up to $13 million per unit.