The price of Bitcoin pumped Monday morning, rising above the $53,000 mark for the first time since late 2021 following a recent lull in the leading cryptocurrency’s ascent.
Bitcoin rose as high as $53,482 on Monday, and remains above the $53K milestone at a current price of $53,409. The price briefly neared $53,000 last week, but then fell back under the $51,000 mark within a day.
BTC took off in early February, starting the month at a price just above $42,000 and consistently gaining price until it topped $50,000 on February 12. It was the first time that Bitcoin had broken the $50,000 barrier since December 2021.
Since then, however, Bitcoin hasn’t made as substantial of moves. It’s remained above the $50,000 mark for nearly two weeks now, but has mostly been floating between the $51,000 and $52,000 barriers lately before jumping Monday morning.
As of today, however, the Bitcoin pump appears to be back on. Bitcoin is up nearly 4% on the day, pushing its 30-day climb to 27%. The price of the coin has more than doubled since this time last year, up 129% in that span.
Bitcoin’s latest rise comes ahead of the next halving, which is expected to take place around April 20. The halving cuts the BTC rewards given to miners by half to fight inflation, and programmatically happens every four years or so. As a result, less new Bitcoin will be created going forward, slowing the supply expansion.
Other top cryptocurrencies by market cap are following Bitcoin’s rise today with similar gains around 4% over the past day, including Ethereum, Solana, and Binance Coin. Ethereum is now trading above $3,100, the highest point seen for the second-largest coin since April 2022.
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Source: https://decrypt.co/219021/bitcoin-price-surges-above-53000-for-first-time-since-2021
