Bitcoin surpasses $50K for the first time in over two years

During the day, Bitcoin's price soared as high as $50,280 and was up by 4.5%, nearing $50,200 around 3:58 p.m. EDT—marking its loftiest point since December 2021.

Over the past week, Bitcoin's value has surged by more than 18%, according to CoinMarketCap, a website that tracks digital asset prices.

As the most valuable cryptocurrency globally, Bitcoin nearly reached $49,000 on Jan. 11—the day the U.S. Securities and Exchange Commission approved spot Bitcoin ETFs. This development enables investors, particularly financial institutions, to trade Bitcoin without directly owning it.

Ethereum, the leading altcoin by market cap, increased by 5.6% to $2,640 at the same time. Meanwhile, some altcoins experienced price increases of up to 17%.

This recent surge has propelled Bitcoin's market value toward the $1 trillion threshold, a milestone last observed in November 2021.

The cryptocurrency market's total value rose by 3.85% to $1.87 trillion, with Bitcoin's market share, known as dominance, reaching 52.6%, as per CoinMarketCap data.