The Strategist

Bitcoin surpasses $50k for the first time since 2021

02/13/2024 - 09:53

Tuesday saw a feeble continuation of Monday's gains for Bitcoin, which a day earlier had surpassed $50,000 for the first time since December 2021, according to MarketWatch.

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Quotes had hit $50,211 the day before, but the surge has slowed by the close of trading. The cryptocurrency’s price grew by 11% over the last seven sessions, following a 2.5-fold increase in 2023.

On Monday, the stock price of Bitcoin mining startup Riot Platforms grew by 9.4%, while the stock price of cryptocurrency exchange Coinbase Global Inc. increased by 3.7%.

The U.S. Securities and Exchange Commission (SEC) has formally approved the creation of the first 11 ETFs investing directly in Bitcoin, which is a testament to the coin’s popularity. Sean Farrell of Fundstrat claims that there has been a lot of demand for Bitcoin lately in the spot market.

According to Mark Connors, head of research at digital asset management company 3iQ, the price of Bitcoin might hit $160,000 by the end of 2024 and $350,000 in the second half of 2025.