Bitcoin saw impressive value today that ultimately allowed BTC to climb above $50,000. The asset has surpassed its two-year high as optimism and institutional investments have certainly catapulted the asset to the current level. A day before, the cryptocurrency closed at its monthly high, surpassing the $48,000 mark.
Indeed, Bitcoin has surged more than 110% since this point last year and has shown impressive growth just two months into 2024. The historic approval of 11 Spot Bitcoin ETFs this year undoubtedly has something to do with it. something to do with this increase, but why did BTC surpass $50,000 today?
Also Read: Bitcoin Whales Make $6 Billion Buy: Will BTC Hit $57,000 Next?
Bitcoin: why is BTC up today?
During the final months of 2023, digital asset investors were extremely optimistic about the performance of BTC heading into the new year. Although Spot Bitcoin ETFs are coming to fruition, this impact was not immediately felt. However, just ten days into February, the asset reached new two-year highs.
Bitcoin shocked many investors on Monday as BTC officially surpassed the $50,000 level. Indeed, institutional investment in these Bitcoin ETFs has apparently fueled this increase. Just a week ago, capital inflows had their second best day, with more than $400 million spread across nine different products on Friday.
Also Read: Bitcoin Recovers: Hits $46.3K, Marking a Milestone
Additionally, these numbers are even more impressive given the relatively low levels of output. Specifically, Daan Cryptocurrency Transactions took to X (formerly Twitter) to report that ETF net flows this Friday saw an increase of $541 million. He then said that these investment products had seen 11 consecutive days of positive net inflows.
The global battle between buyers and sellers has attracted investors’ attention as early as this week. However, it has lent itself to propelling the asset higher, with many predicting it will reach the level it has today. Now, all eyes are on where the BTC price goes from here.