Hassan Maishera
TL;DR
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Bitcoin has touched the $50k mark for the first time since December 2021 as bulls remain in control of the market.
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The rally can be attributed to the increase in spot Bitcoin ETF inflows in recent days.
Bitcoin Tops $50k for the First Time since 2021
Bitcoin edges closer to regaining its previous all-time price of $69k following its rally on Monday. The world’s leading cryptocurrency by market cap added 4% to its value on Monday to touch the $50k level for the first time since December 2021.
BTC topped the $50,230 mark, its highest level in more than two years. However, it has dipped a little and is now trading at $49,958 per coin.
The rally can be attributed to last week's strong inflows into spot bitcoin ETFs. According to CoinShares spot Bitcoin ETFs attracted over $1.1 billion net fresh funds last week while there is a decline in outflows from incumbent funds such as Grayscale Bitcoin Trust (GBTC) and ProShares' futures-based ETF.
Bitcoin’s rally has resulted in other leading altcoins also experiencing a surge in performance. Ether, the second-largest cryptocurrency by market cap, is up by 6% in the last 24 hours and is now trading above $2,650 per coin.
Solana’s SOL remains the best performer amongst the top 20 cryptocurrencies by market cap, adding 7% to its value. At press time, SOL’s price stands at $114 per coin.
Thanks to the ongoing rally, the total cryptocurrency market cap now stands at $1.87 trillion, up by almost 4% in the last 24 hours.
