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Bitcoin's (BTC) price is on a massive resurgence course as its price is inching closer to its highest level for the year after a bullish trigger recorded this week. According to data from CoinMarketCap, Bitcoin’s price is currently changing hands for $47,219.60, up by 1.70% in the past 24 hours. The current outlook has shifted the overall year-to-date (YTD) gains to 11.1%.
Yuri MolchanBitcoin started the year on a good footing with the launch of spot Bitcoin exchange traded fund (ETF) products. The emergence of this product has caused a paradigm shift in the market overall as institutional investors are now gradually weighing their options on the best way to gain exposure to the asset class.
The spot Bitcoin ETF issuers have gained good traction thus far with BlackRock’s volume hitting north of $4 billion in the first month, creating a historic record of all ETFs in history. With Gold ETF hitting the $10 billion benchmark in about a year, spot Bitcoin ETFs are on track to break this record soon.
This sentiment is driving an impressive price rally in Bitcoin, and expectations abound that this current run might push the coin to the $50,000 level this month.
Historically bullish February
Judging by Bitcoin’s price history, February has always turned out to be a bullish month for the coin, and should history repeat itself, chances are the coin could print average growth of 14% to end this month. This will comfortably shoot the price of the asset to the $50,000 range and possibly hit new levels.
Godfrey BenjaminThe Bitcoin halving sentiment is already also playing out with the impact complementing those coming from spot Bitcoin ETF growth. Overall, Bitcoin is on track to sustain its current growth trends with more upside underway in the near future.
Alex Dovbnya
Dan Burgin
U.Today Editorial Team
Vladislav Sopov