Bitcoin Crosses the $50k Mark as Spot ETF Inflows Increases

TL;DR

• Bitcoin has touched the $50k mark for the first time since December 2021 as bulls remain in control of the market.

• 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.