Bitcoin surged above the $50,000 mark on Monday, Feb. 12, 2024, reaching its highest point in more than two years. According to data from Coin Metrics, the price of the leading crypto rose by 4% to $50,168.36. Earlier in the day, it peaked at $50,334.00, marking its highest point since December 2021.
Meanwhile, ether also experienced gains, rising by more than 5.5% to $2,643.80, reaching its highest point since Jan. 12, 2024, when it hit $2,638.62.
Commenting on the significance of Bitcoin surpassing the $50,000 milestone, Antoni Trenchev, a cofounder of Nexo, a crypto services company, noted that although the launch of the Bitcoin spot ETF initially failed to propel the crypto above its current psychological threshold and even sparked a sell-off, the recent surge reflects renewed confidence in Bitcoin.
Bitcoin’s performance last week was its strongest since Dec. 8, 2024, with a gain of 10.76% by Feb. 9, 2024. The huge outflows last month from Grayscale’s Bitcoin spot ETF dampened investors’ moods, but now optimism has returned to the cryptocurrency space following the surge. Currently, inflows are rising while outflows are decreasing.
Furthermore, the stock market made a bid for Bitcoin last week, with the S&P 500 crossing 5,000. Monday also saw new intraday highs for the blue-chip Dow Jones Industrial Average and the broader S&P 500 index. CoinShares’ head of research, James Butterfill, ascribed the changing market dynamics to several factors, such as China’s easing of monetary policy, which has caused a notable increase in stock and bitcoin purchases.
He also highlighted the robust demand for Bitcoin ETFs, which saw net inflows of $2.8 billion since inception and $1.1 billion last week. ETFs got 12,000 new Bitcoins on Friday, exceeding the daily creation average of roughly 900 bitcoins.
Crypto enthusiasts have been eyeing $48,600 as a key resistance level. According to chart analysts, if Bitcoin manages to hold its current position above this threshold, it may open the door for additional gains, possibly past $50,000 or even a new record high. Nov. 10, 2021, is the crypto’s record high, when it reached an historic $68,982.20.
Monday’s surge in Bitcoin’s price had a ripple effect on related equities. Companies such as Coinbase, MicroStrategy, CleanSpark and Iris Energy saw notable gains of 3%, 11%, 14% and 16% respectively in their stock prices. This reflects the broader positive sentiment in the crypto market. Market watchers predict that traditional assets such as equities and bonds may gradually lose ground to Bitcoin-related products such as ETFs in mainstream investors’ portfolios.
For entities such as Bit Digital Inc. (NASDAQ: BTBT) that engage in Bitcoin mining, the recent surge in the price of the crypto means they can earn more from their activities.
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