Bitcoin, the world’s most famous cryptocurrency, is making headlines again, soaring past the $50,000 mark on Monday, its highest level in over two years. The digital currency’s price surged by nearly 4% to reach $50,053.00, a level not seen since December 27, 2021.
This milestone comes on the heels of Bitcoin’s best week in months, with a 10.76% increase by the end of last week. The renewed optimism in the crypto market follows a period of uncertainty fueled by significant outflows from the Grayscale Bitcoin ETF. However, the tide seems to be turning, as outflows have slowed down and inflows are on the rise.
Bitcoin’s recent gains were also supported by positive momentum in the stock market, where the S&P 500 crossed the 5,000 mark last week. The convergence of these factors has reignited interest in Bitcoin and other cryptocurrencies, signaling a potential bullish trend in the market.
