Illustration by Mitchell Preffer for Decrypt.
Bitcoin is still trading above the $50,000 mark it broke earlier this week. The digital coin, the largest by market capitalization, is currently trading at $51,959, up more than 10% in seven days.
According to Decrypt analysts, the price increase is due to big investors stocking up on #cryptocurrencies and Wall Street's renewed interest in the tech sector. .
Securities and Exchange Commission approved 10 exchange-traded funds (ETFs) trading #bitcoin in January. Following the approval, the price of bitcoin initially fell but then recovered.
On Valentine's Day, the price of bitcoin fell after the U. S. Labor Department reported higher-than-expected inflation last month.
However, it was a temporary shock and the digital gold continued to rise on Wednesday, Thursday and Friday, spending most of the time at USD 52K.
As usual, other cryptocurrencies #rose along with bitcoin. The second largest digital asset, #Ethereum, rose more than 11% over the past week, with the price of ETH reaching USD 2,792.
At the same time, the fifth largest asset, #Solana, has risen sharply in value, overtaking, albeit temporarily, the fourth-place BNB coin; Solana is currently trading at US$109.71, almost exactly the same level it was at the beginning of the week.
After bitcoin briefly lost value yesterday thanks to a troubling report on US consumer price inflation, the world's oldest and largest cryptocurrency made a comeback, breaking the $51,000 mark in early morning trading. According to CoinGecko, bitcoin's price at the time of writing was 51,. USD 341.12. It was up 2.5% in a single day last week, and is up 20% since the beginning of last week. This allowed BTC to reach a market capitalization of USD 1 trillion for the first time since December 2021 (see below).
How long will this last?
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