The price of Bitcoin (BTC) has reached $50,000 U.S., its highest level in more than two years.
The price of the largest cryptocurrency by market capitalization rose 4% in the past 24 hours to reach $50,334.00 U.S., according to data from Coin Metrics.
That was the highest level for Bitcoin since December 2021, and surpasses the $49,000 U.S. level that the cryptocurrency was trading at before regulators approved spot Bitcoin exchange-traded funds on Jan. 10 of this year.
After the U.S. Securities and Exchange Commission (SEC) approved the ETFs, Bitcoin’s price fell 20% to $39,000 U.S. But it has now rallied all the way back to break above $50,000 U.S.
In the past week, Bitcoin’s price has gained 11%, its best weekly performance since December of last year.
Other cryptocurrencies are also rallying, with the price of Ethereum (ETH) climbing 5.5% over the last 24 hours to $2,643.80 U.S., its highest level since Jan. 12 of this year.
However, despite the current rally, Bitcoin still needs to climb 36% to top its all-time high of $68,982.20 U.S. that was reached on Nov. 10, 2021, just before the crypto sector entered a bear market that lasted throughout 2022.
