Bitcoin trades: Bitcoin’s price was last over $50,000 in December 2021, more than two years ago. The cryptocurrency market has changed a lot since then.
Bitcoin’s price jumped to $50,000 on Monday, Feb. 12, because more big investors want it, interest rates might change, and there will be less Bitcoin available soon due to the Bitcoin halving. This is very different from two years ago.
The last time Bitcoin was worth $50,000 was in December 2021. At that time, most investors didn’t know that the cryptocurrency market was about to fall into a long period of declining prices. This was due to the United States raising interest rates 11 times in a row, some well-known cryptocurrency companies failing, and many regular investors leaving the cryptocurrency market. Because of this, the price of Bitcoin dropped to $15,800.
Talking to Cointelegraph, eToro market analyst Josh Gilbert mentioned that this time, the overall economic conditions are getting better for risky investments like Bitcoin.
Gilbert explained that many investors are excited about the next big event for Bitcoin, called the halving, happening in April. This event will reduce the rewards for Bitcoin miners by half. Many people think this will increase Bitcoin’s price in the future.
Gilbert mentioned that people are feeling good about how Bitcoin ETFs are doing. This makes the market more confident that big organizations are buying more Bitcoin.
On February 12, CoinShares reported that in the last week, Bitcoin ETFs received $1.1 billion, the most money they’ve gotten in a week since they started on January 11.
At the same time, not many regular people are interested in buying, but market expert Will Clemente thinks this might mean there’s a stronger base for growth in the overall market.
In December 2021, people searching for “Bitcoin” on Google was rated 39 out of 100. Now, it has dropped to 19, showing that not many people are looking into Bitcoin anymore.
On Feb. 11, Ki Young Ju, the boss of a company called CryptoQuant that analyzes data, said Bitcoin might reach $112,000 each in 2024 because of how well Bitcoin funds that you can buy and sell like stocks are doing.
Disclaimer: The information on this website isn’t meant to be taken as advice for investing money. Investing involves uncertainty, and there’s a chance you could lose your money when you invest.
