Bitcoin Surges to Heights Unseen Since 2021

Bitcoin hit $50,000 after for the first time in two years – a remarkable comeback from the crypto scandals and wipeouts that had created major doubt in the industry.

Bitcoin has rocketed past the $50k barrier on February 12, 2024, reaching heights not seen since 2021.

Coinbase data shows that the largest digital asset by market cap hit $50,000 at 11 a.m. Eastern time on Monday.

• BTC, which this time last year was priced at less than $22,000, is now up more than 15% over the past seven days.
   
• Over the past month alone, it has risen by 6%.

After the launch of spot Bitcoin ETFs earlier in January, BTC looked like it was having a slow year.

The product got the green light from the Securities and Exchange Commission after a decade of denials, but the price of Bitcoin dipped, contrary to market expectations.

So is BTC’s rise linked to BTC ETFs, or has more to do with the scheduled halving in April?

According to analysts, BTC’s surging is down to big investors holding onto cryptocurrency and Wall Street showing renewed interest in the tech sector.

The tech-heavy Nasdaq was up 0.34%.

Why does this matter? Bitcoin was previously heavily correlated to stocks.

Did you know? Bitcoin touched its all-time high of $69,044 in November 2021, during the last bull run.

Moreover, the BTC halving due in April is also weighing heavy on the crypto industry.

Since last week, analysts have been saying that data from Bitcoin transactions suggests the digital currency is likely to make a significant jump.

This anticipation coincides with the upcoming halving event, which will see rewards paid out to Bitcoin miners from 6.25 BTC to 3.125 BTC.

Aside from ETF inflows, sentiment toward Bitcoin is “typically positive” during the Lunar New Year holidays that are currently underway in Asia.

Recommended Read: Is Bitcoin Mining Worth It?

Crypto stocks also enjoyed a boost on Monday:

• Crypto exchange Coin base (COIN.O) was up 4.9%
• Crypto miners Riot Platforms (RIOT.O) up 10.8%
• Marathon Digital (MARA.O) rose by 11.9%
• Shares of software firm Micro Strategy (MSTR.O), a notable buyer of bitcoin - were up 10.2%.

The price of ether, the second-largest cryptocurrency, was up 4.12% at $2,607.57.

At time of writing, Bitcoin is trading at $50,011.

 

Source: TradingView

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