Bitcoin has seen an impressive sure today that has seen BTC finally climb above $50,000. The asset has surpassed its two-year high as optimism and institution investment certainly catapulted the asset to the current level. Just one day prior, the cryptocurrency closed at its highest monthly level, surpassing the $48,000 mark.
Indeed, Bitcoin has jumped more than 110% since this point last year and showed impressive growth not even two months into 2024. The landmark approval of 11 Spot Bitcoin ETFs this year undoubtedly had something to do with the increase, but why else has BTC surpassed $50,000 today?
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Bitcoin: Why is BTC Up Today?
Throughout the closing months of 2023, digital asset investors were immensely optimistic about the performance of BTC heading into the new year. Despite Spot Bitcoin ETFs coming to fruition, that impact was not immediately felt. However, just ten days into February, the asset has reached new two-year highs.
Bitcoin shocked many investors Monday as BTC has officially surpassed the $50,000 level. Indeed, the institutional investment from those Bitcoin ETFs has seemingly fueled the increase. Just a week ago, inflows saw their second-best day, with more than $400 million across nine different products on Friday.
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Additionally, these figures are even more impressive considering the relatively low levels of outflows. Specifically, Daan Crypto Trades took to X (formerly Twitter) to state that the ETF net flows on that sawm Friday saw an increase of $541 million. Thereafter stating that these investment products had seen 11 straight days of net positive inflows.
The overall battle between buyers and sellers caught the attention of investors to start this week. However, it had lent itself to propelling the asset higher, with many predicting it to reach the level it has today. Now, all eyes are on where the price of BTC goes from here.