The price of Bitcoin (BTC) exceeded $50,000 per coin for the first time since December 2021.
Coinbase data shows the largest digital asset by market capitalization hit the $50,000 mark as of 11 a.m. Eastern Time (5 p.m. Central European Time) on Monday.
The asset, which this time last year was valued at less than $22,000, is up more than 15% in the past seven days. Over the past month, it has increased by 16%.
BTC appeared to be having a slow year after several long-awaited exchange-traded funds (ETFs) were approved in January.
The investment vehicles got the green light from the Securities and Exchange Commission after a decade of denial, but the price of Bitcoin fell. This was because one of the largest fund managers, Grayscale, was selling coins after investors wanted to buy back their shares. However, that pressure appears to have eased now and money is flowing into the space again.
BTC’s rise, analysts say, is due to large investors accumulating the cryptocurrency and a renewed interest from Wall Street in the tech industry.
The tech-heavy Nasdaq is up 0.34% today; BTC was previously highly correlated with stocks.
Bitcoin reached its all-time high of $69,044 in November 2021, during the last bull run. At the time, the global market capitalization of cryptocurrencies briefly exceeded $3 trillion. At the time of writing, the global market capitalization stands at $1.9 trillion.
Since last week, analysts have been saying that on-chain data indicates that Bitcoin is likely to make a strong move higher. All of this comes ahead of April’s Bitcoin halving, which will see rewards paid to Bitcoin miners reduced from 6.25 BTC to 3.125 BTC.
Edited by Stacy Elliott.