Bitcoin briefly touched the $50,000 mark for the first on Monday time since December 27, 2021, Reuters reported.
This event was significant for several reasons, for instance, reaching $50,000 is a psychological barrier that many investors consider important.
“At 12:56 p.m. EST (1756 GMT), bitcoin was up 4.96% on the day at $49,899, having oscillated around the $50,000 level. It signifies a return to confidence and bullish sentiment in the cryptocurrency market,” Reuters reported.
According to the reports, Bitcoin has seen a steady rise in 2024, gaining over 16% year-to-date.
This upward trend is attributed to several factors, including: Anticipation of interest rate cuts where investors might be seeking alternative assets like Bitcoin if interest rates fall.
Also, the launch of Bitcoin ETFs in October 2023 made investing in Bitcoin more accessible for traditional investors, potentially driving demand.
On Monday, stocks in the cryptocurrency sector saw a surge, with Coinbase, a prominent crypto exchange, climbing 4.9%, while crypto miners Riot Platforms and Marathon Digital experienced gains of 10.8% and 11.9%, respectively.
