ALBAWABA - Bitcoin's price has hit a big milestone, going over $50,000 for the first time since December 2021. This jump is because more people are interested in buying spot Bitcoin funds.
According to Coinmarketcap, the total value of the global cryptocurrency market, including Bitcoin, has gone up by 2.3% in the last day, reaching over $1.85 trillion.
The price of Bitcoin has gone up by more than 3.8% in just one day because people are feeling more confident about buying spot Bitcoin funds.
Experts say this increase is because they think big banks will start being more helpful with money, and they're excited about a special Bitcoin event coming up in April that will make it harder to get new Bitcoins.
Right now, Bitcoin is being sold for $50,195, the highest it's been since December 2021. In the past week, it's gone up by 17.4%.
Even though Bitcoin has gone up by more than 80% since October 2023, it's still not as high as it was in November 2021 when it reached $68,990. But last year, it went up by about 157%.
Also, people think that looser money rules in China are helping Bitcoin's price go up.
Ethereum, another popular cryptocurrency, has also gone up by 3.4% in the past day, reaching $2,606. In 2021, it reached a record high of over $4,000.
Plus, when the U.S. Securities and Exchange Commission (SEC) said yes to 11 different spot Bitcoin funds in January, it made people even more excited about investing in cryptocurrencies.
