Bitcoin surges past USD54K, reaching highest price since December 2021

(MENAFN) On Monday, Bitcoin experienced a significant surge in its price, surpassing the USD54,000 mark for the first time since December 3, 2021. At 6:28 PM EDT, Bitcoin reached USD54,500, marking a daily gain of 5.4 percent.

This rally has been ongoing since January 11, when the US Securities and Exchange Commission granted approval for spot Bitcoin ETFs (exchange-traded funds), allowing investors, particularly financial institutions, to engage in Bitcoin trading without direct ownership.

Furthermore, Bitcoin is anticipated to undergo a halving event in the second half of April, contributing to the optimistic outlook among traders.

Ethereum, the leading altcoin by market capitalization, also experienced a positive trend, climbing 2.4 percent to USD3,180 at the same time, representing a 7.6 percent increase over the past week. This surge in Ethereum's price is attributed to the potential approval of a spot Ethereum ETF and the forthcoming Dencun upgrade scheduled for March 13.

Against the backdrop of this rally, several altcoins observed substantial price increases of up to 12 percent. The total value of the cryptocurrency market saw a 4.5 percent uptick, reaching USD2.09 trillion.

Bitcoin's dominance in the crypto market stood at 51.4 percent, while Ethereum's dominance was recorded at 18.3 percent, according to data sourced from CoinMarketCap, a digital asset price-tracking website.


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