Bitcoin Hits $50,000 Level For First Time In More Than Two Years

Bitcoin on Tuesday, February 13, recorded a profit of 3.76 percent. At present, the world's oldest, most expensive crypto asset is trading at $49,917 (roughly Rs. 41.4 akh), after crossing the $50,000 mark. This is the first time since November 2021 that Bitcoin has managed to jump to $50,000 (roughly Rs. 41.4 lakh). In the last 24 hours, proving all expert predictions right, Bitcoin price swelled by $1,816 (roughly Rs. 1.50 lakh). As per market experts, this surge is due to the robust performance of the US stock market, substantial inflows into spot Bitcoin ETFs, and upcoming halving event.

Ether joined Bitcoin in reeling in gains on Tuesday. The second-most valued crypto asset, at the time of writing, is trading at $2,642 (roughly Rs. 21.9 lakh) after seeing a 5.51 percent surge in its price in the last 24 hours.

“Bitcoin now faces its next resistance at $50,250 (roughly Rs. 41.7 lakh), leading towards the $51,200 mark (roughly Rs. 42.4 lakh). The prevailing positive investor sentiment manifests in an active bullish presence in the market. Concurrently, Ethereum maintains its position above $2,600 (roughly Rs. 2.15 lakh), with bulls targeting the $2,717 (roughly Rs. 2.25 lakh) threshold,” Edul Patel, CEO of Mudrex, told Gadgets360.