Bitcoin Crosses $50,000 for the First Time in 2 Years
The asset, which was priced at less than $22,000 this time last year [2023], has surged by more than 15% over the past seven days. Additionally, it has risen by 16% over the past month [ January 2024].
Bitcoin crossed $50,000 on February 12 2024, reaching its highest level in over two years.
The cryptocurrency has surged approximately 16.3% so far this year [2024], reaching its highest level since December 27, 2021. At 2031 GMT, bitcoin was up 5.58% for the day, trading at $50,196.
BTC appeared to have a sluggish year [2024] following the approval of several long-awaited exchange-traded funds (ETFs) in January 2024. Despite receiving the green light from the Securities and Exchange Commission after a decade of denials, the price of Bitcoin experienced a dip.
This was attributed to one of the largest fund managers, GrayScale, selling coins as investors sought to redeem their shares, but that pressure seems to have subsided for now.
Not only are these Grayscale outflows diminishing, but inflows are also on the rise, with February 8 2024 marking the strongest daily net inflow into all Bitcoin investment vehicles globally since January 2021.
The asset, which was priced at less than $22,000 this time last year [2023], has surged by more than 15% over the past seven days. Additionally, it has risen by 16% over the past month [ January 2024]
Recall that Bitcoin reached its all-time high of $69,044 back in November 2021, during the last bull run. At that time, the global cryptocurrency market capitalization briefly surpassed $3 trillion. As of now, the global market cap stands at $1.9 trillion.
All of this occurs ahead of the Bitcoin halving scheduled for April 2024 which will reduce the rewards paid out to Bitcoin miners from 6.25 BTC to 3.125 BTC.
