Bitcoin is still trading comfortably above $50,000 from earlier in the week. The largest digital coin by market value is now trading at $51,959, up more than 10% in seven days.
In the year As of December 2021, the asset got off to a strong start as it hit $50,000 on Monday, and analysts told DeCrypt that the rise was fueled by large investors hoarding the cryptocurrency and renewed interest in the tech industry from Wall Street.
In January, the Securities and Exchange Commission approved ten positions for Bitcoin exchange-traded funds (ETFs). Property values initially fell after approval, but have since rebounded.
Bitcoin prices fell on Valentine's Day after a report from the US Department of Labor showed that inflation was higher than last month.
But the hearing loss was temporary and “digital gold” continued to rise through Wednesday, Thursday and Friday, spending most of its time hitting $52,000.
As always, the rest of the crypto market has surged along with Bitcoin's growth. Ethereum, the second largest digital asset, has now increased by more than 11% in the past week. The price of ETH stands at $2,792.
Meanwhile, Solana, the fifth largest asset, shot up and knocked Binance's BNB coin out of fourth place – albeit temporarily. Solana is now trading at $109.71, closing where it started the week.
Meme Coins also had a bit of a moment: Bonk, Pepe and Dogwhiphat have all taken off and are still going strong over the past seven days.
Investors seem mostly focused on Bitcoin, but as the long-awaited halving fast approaches and institutional interest in newly approved ETFs will bring a flood of capital into the space.
How long does it last?
Prices corrected as of 7:30am GMT Ryan Ozawa.
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