Bitcoin Price Reaches $53,000 For The First Time Since 2021

(CTN News) – Following a recent lull in Bitcoin’s upward trend, the price of the leading cryptocurrency rose above $53,000 on Monday morning.

Currently, Bitcoin is trading at $53,409, exceeding the $53K milestone, which was reached on Monday. Recently, the price of briefly approached $53,000, but fell back under the $51,000 mark within a day.

After spot ETFs were launched in the U.S. market in mid-January, bitcoin’s price took off in early February. Major Wall Street financial firms, such as BlackRock and Fidelity, now offer their clients access to through ETFs, which trade similarly to stocks.

ETF issuers have purchased billions of Bitcoin to meet the growing demand for Bitcoin ETFs.

It began the month at a price just above $42,000, but it steadily increased in value until it reached $50,000 on February 12. This was the first time that had breached the $50,000 barrier since December 2021.

In the interim, however, Bitcoin has not made as significant a move as in the past. The index has been trading above $50,000 for nearly two weeks now, but has mostly been fluctuating between $51,000 and $52,000 recently.

It appears, however, that pump is back in operation as of today. The price of increased by nearly 4% on the day, pushing its 30-day growth to 27%. Since this time last year, the coin’s price has increased 129%, more than doubling in value.

This latest rise in coincides with the next halving, which is expected to take place around April 20. Halving reduces the Bitcoin rewards given to miners by half in order to combat inflation, and it occurs automatically every four years or so.

Therefore, there will be a reduction in the creation of new in the future, which will slow the expansion of supply. There is a possibility that the halving of Bitcoin will have a significant impact on the price of Bitcoin in the second half of 2024, given the increased demand for BTC following the launch of ETFs.

Cryptocurrencies such as Ethereum, Solana, and Binance Coin have all followed rise today with gains around 4% over the past day. Ethereum is now trading above $3,100, the highest price since April 2022 for the second-largest cryptocurrency.

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