- Bitcoin surpasses $50K amid halving date approach and interest rate cut expectations.
- Ethereum nears a two-year high with surging trading volume.
The cryptocurrency market is witnessing an electrifying surge as Bitcoin, the world’s largest cryptocurrency, breaches the $50,000 mark for the first time in over two years. This rally comes on the heels of heightened expectations for interest rate cuts later in the year and recent regulatory approvals for U.S. exchange-traded funds (ETFs) linked to Bitcoin’s price.
Bitcoin has surged by 16.3% since the beginning of the year, reaching its highest level since December 27, 2021. When writing, Bitcoin is trading at $49,872.81, marking a 4.96% increase for the day, with trading volume experiencing a 102% rise.
Bitcoin (BTC) hit its 2-year-high of $50K just ahead of #Halving2024 amid the surging spot #BitcoinETF inflows & Super Bowl-linked events, triggering fresh anticipations!
— TheNewsCrypto (@The_NewsCrypto) February 13, 2024
📍Feb 13, 2022 — $42,780
📍Feb 13, 2023 — $21,790
📍Feb 13, 2024 — $50,298$BTC's current stance
🔸Price >… pic.twitter.com/MRm82aJIa5
Meanwhile, Ethereum, the second-largest cryptocurrency, is also experiencing a bullish trend, nearing a two-year high at $2,680. Ethereum’s trading volume has surged by 77.26%, accompanied by a 3.66% increase in market capitalization. Currently, Ethereum is trading at $2,647.45, reflecting a 5.97% surge, with trading volume soaring.
Notably, research reveals that Global stock indexes are also on the rise as traders speculate on the timing of potential interest rate cuts by the U.S. Federal Reserve, with May being identified as a likely starting point.
2024 and Bitcoin – A Successful Combo?
Analysts project substantial inflows into these new ETFs, estimating figures ranging from $10 billion to $100 billion, driven by growing investor interest and anticipation of future regulatory approvals, including ETFs tied to the spot price of Ethereum. Additionally, investors eagerly anticipate Bitcoin’s upcoming “halving” in April, a process designed to slow down its supply and historically associated with price rallies.
The recent surge in Bitcoin’s price marks a significant turnaround from the bear-reigning period experienced in 2022, characterized by market downturns and high-profile industry setbacks. However, 2023 saw a slight resurgence in crypto markets, and significant price gains, particularly towards the end of the year.
With Bitcoin’s price surpassing $50,000 and Ethereum showing strong momentum, the cryptocurrency market is witnessing renewed optimism and investor interest, driven by regulatory approvals, anticipation of future developments, and a resurgence of bullish sentiment.
