The price of Bitcoin (BTC) exceeded $50,000 per coin for the first time since December 2021.
Coinbase data shows that the largest digital asset by market cap hit the $50,000 mark at 11 am Eastern Time (5 pm Central European Time) on Monday.
The asset, which this time last year was priced at less than $22,000, has risen more than 15% in the past seven days. Last month, it increased by 16%.
BTC looks to have had a slow year after the approval of several long-awaited exchange-traded funds (ETFs) in January.
Investment vehicles got the green light from the Securities and Exchange Commission after a decade of denial, but the price of Bitcoin has plummeted. This is because one of the largest fund managers, Grayscale, sells coins after investors want to redeem their shares. That pressure seems to be easing now, however, and money is flooding back into the space.
The rise of BTC, according to analysts, is due to large investors hoarding the cryptocurrency and a renewed interest from Wall Street in the technology industry.
The tech-heavy Nasdaq is now up 0.34% today; BTC used to be highly correlated with stocks.
Bitcoin touched its all-time high of $69,044 back in November 2021, during the last bull run. At that time, the global cryptocurrency market capitalization briefly exceeded $3 trillion. At the time of writing, the global market cap sits at $1.9 trillion.
Since last week, analysts have said that onchain data points to Bitcoin possibly making a big rise. All this preceded the Bitcoin halving in April, which saw the rewards paid to Bitcoin miners drop from 6.25 BTC to 3.125 BTC.
Edited by Stacy Elliott.