Bitcoin is still trading comfortably above the $50,000 level it surged to earlier in the week. The price of the largest digital coin by market capitalization is currently at $51,959, up more than 10% in seven days.
The asset showed strength, reaching $50,000 on Monday for the first time since December 2021. Analysts said the price rise: decryptionIt depends on large investors accumulating cryptocurrencies and Wall Street’s renewed interest in the technology industry.
Last January, the Securities and Exchange Commission approved 10 spot Bitcoin exchange-traded funds (ETFs). Asset prices initially fell following approval, but have since recovered.
Bitcoin prices fell on Valentine’s Day after the U.S. Department of Labor reported last month that inflation was higher than expected.
But the heartbreaking news was temporary and “digital gold” continued to rise through Wednesday, Thursday and Friday, spending most of the day reaching $52,000.
As usual, the rest of the cryptocurrency market soared along with Bitcoin’s rise. Ethereum, the second largest digital asset, is up more than 11% over the past week. The price of ETH is $2,792.
Meanwhile, Solana, the fifth-largest asset, pushed Binance’s BNB coin from fourth place, albeit temporarily. Solana is currently trading at $109.71 and is closing where it started the week.
Meme coins have had their moments, too. Bonk, Pepe, and Dogwifhat are all up and are still showing significant gains over the past seven days.
However, with the long-awaited halving event fast approaching and institutional interest in newly approved ETFs, investors appear to be mostly focused on Bitcoin.
How long will it last?
Prices are as of 7:30 AM (GMT). editor: Ryan Ozawa.
