Illustration by Mitchell Preffer for Decrypt.
Bitcoin is still trading comfortably above the $50,000 mark it broke earlier in the week. The largest digital coin by market cap is currently at $51,959 and is up more than 10% in seven days.
The asset started strong as it hit $50,000 on Monday for the first time since December 2021. The price increase, analysts told Decrypt, was due to large investors hoarding the cryptocurrency and renewed interest from Wall Street in the technology industry.
The Securities and Exchange Commission approved ten spot Bitcoin exchange-traded funds (ETFs) in January. Since its approval, the asset's price initially fell but has since staged a comeback.
The price of Bitcoin fell on Valentine's Day after a report from the US Labor Department showed that inflation was higher than expected last month.
But the shock was only temporary, and “digital gold” continued to rise on Wednesday, Thursday and Friday, reaching the $52,000 mark most of the time.
As always, the rest of the crypto market grew alongside Bitcoin's rise. Ethereum, the second largest digital asset, is up more than 11% in the past week. The price of ETH is $2,792.
Meanwhile, Solana, the fifth-largest asset, skyrocketed, knocking Binance's BNB Coin out of fourth place – albeit temporarily. Solana is currently trading at $109.71, closing around the same level as at the beginning of the week.
Meme coins were also having a moment: Bonk, Pepe and Dogwifhat all rose and are still up significantly in the last seven days.
However, investors appear to be mostly focused on Bitcoin as the long-awaited halving event draws ever closer and institutional interest in the newly approved ETFs brings a flood of capital to the space.
How long it will take?
Prices from 7:30am GMT. Edited by Ryan Ozawa.
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