Bitcoin staged an epic rally in February. Here is a look back at its record-setting month.

Bitcoin staged an epic rally in February. Here is a look back at its record-setting month.

Bitcoin had a momentous run in February, from catapulting to a market capitalization of $1 trillion to smashing the $58,000-mark.

The month also saw heavyweight institutions such as Tesla and Mastercard embrace the cryptocurrency, while MicroStrategy reinforced its support for bitcoin by adding to its existing pile. 

In Febrauary, the price of bitcoin jumped more than 50%. As of Friday 4 pm ET, bitcoin was trading lower by 5.54% to $46,515, a 15% fall compared to Friday last week.

Yet, Pankaj Balani, CEO at cryptocurrency derivatives exchange Delta Exchange, said the case for a stronger rally in bitcoin remains intact despite the recent correction. 

"This is only the second correction in bitcoin prices since November when bitcoin broke above its previous all-time high and started a fresh rally," he said. "One can expect a short-term consolidation in the price of bitcoin around here."

Balani noted that the $40,000 level has become a strong psychological support for the digital coin and will be difficult to break in the short term.

Paolo Ardoino, CTO of Bitfinex, a cryptocurrency exchange, said such price movements are to be expected in a nascent space. Ardoino foresees the same volatility in March but remains optimistic about the value of the asset.

"As we