Bitcoin Price Keeps Its $50,000 Foothold: Bitcoin has stayed above the $50,000 mark it hit yesterday. This means very few people who own Bitcoin are losing money on their investment, says the company IntotheBlock that studies blockchain data.
The company now thinks that 94% of investors have made money from their Bitcoin investments without selling them. The other 6% have Bitcoin that is worth the same amount as when they first bought it.
ITB calculates the average price investors paid for Bitcoin. However, this is only a guess. Probably, a few investors bought Bitcoin at its highest price ever, $64,899 in November 2021, and are hoping for its value to reach that point again.
Right now, the price of Bitcoin is $50,107.15. This is 4% higher than yesterday and 17% higher than last week, based on information from CoinGecko. Because of these price increases, the total value of all Bitcoins is now $982 billion as of Tuesday morning.
This means that the total value of all Bitcoins is about three times larger than Ethereum’s value of $318 billion. Bitcoin regained this lead over Ethereum in October last year, when people became hopeful that the U.S. government would approve a special Bitcoin investment fund.
A report from CoinShares, a European digital asset manager, mentioned yesterday that the approval of 11 Bitcoin ETFs last month might have helped increase Bitcoin’s value over $50,000.
Last week, more than $1 billion was put into cryptocurrency funds, the company said. Almost all of this money, 98%, went into funds that focus on Bitcoin. The small amount left mostly went into funds for Ethereum (ETH) and Cardano (ADA).
The total value of all cryptocurrencies worldwide is almost back to $2 trillion. It hasn’t been this high since April 2022, based on information from CoinGecko.
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