Bitcoin surpassed the $50,000 mark for the first time since 2021
Kyiv • UNN
Bitcoin has surpassed the $50,000 mark for the first time since 2021 as increased investor interest in recently launched bitcoin ETFs and the upcoming halving of bitcoin in April has caused its price to rise nearly 16% since January 2024.
Bitcoin has crossed the $50 thousand mark. It reached such a value for the first time since 2021. At the beginning of the day it cost $47 thousand. This is trumpeted by all sites following the rate of cryptocurrency, reports UNN.
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Bitcoin has overcome the psychological mark of $50 thousand. Last time at such a level, the first cryptocurrency traded in late 2021. Thus, since January 2024 bitcoin has grown by almost 16%.
It is noted that as of on the evening of February 12 (7:30 p.m.), BTC reached a price of $49,939 according to CoinMarketCap data
According to analysts, the growth was triggered by increased investor interest in the recently launched bitcoin-based spot ETFs.
Bitcoin-ETF was launched on January 11. It raised billions of dollars in the first weeks of trading. According to specialized publications involved in tracking the cryptocurrency market, investors' attention was drawn to the outflow of billions of dollars from the high-yield fund Grayscale Bitcoin Trust (GBTC). Against this backdrop, the price of bitcoin fell to $38,500 just days after the ETF's launch. However, over the past couple weeks, outflows from GBTC have slowed, while new funds continue to see inflows.
Experts also explain the growth of bitcoin by the fact that it will soon become more difficult to mine it. According to forecasts, bitcoin's "halving" (a mechanism to protect cryptocurrency from inflation, which involves halving the remuneration for mining a block - ed.) will take place as early as April.
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Bitcoin's historic high was recorded in November 2021. At that time, it was valued at $69,000. But 2022 was a difficult year for the cryptocurrency market amid the collapse of the Terra ecosystem, the scandal surrounding the FTX cryptocurrency exchange and its founder Sam Bankman-Fried, as well as a number of other high-profile events in the crypto industry. Bitcoin ended 2022 at just above $16,000, 75% below its all-time high. Many other cryptocurrency assets underwent even more severe declines.
The year 2023 will be remembered as a period of significant growth in the cryptocurrency market, but the bitcoin exchange rate performance was rather sluggish for most of the year. Back on October 1, bitcoin was worth just $27,000, up 65% since the start of 2023, but that was a relatively small recovery when you consider how high bitcoin is now.
