Bitcoin Crosses $50,000 as Crypto Greed Index Rises
The market price of Bitcoin, the world’s largest digital asset by valuation, crossed $50,000 after more than two years of hot pressures in the cryptocurrency market.
Bitcoin and other cryptocurrencies marched upward Tuesday with the largest digital asset trading at its highest level in more than two years.
The price of Bitcoin has risen 5% over the past 24 hours to $50,150, trading at the loftiest levels since December 2021 in a rally that has pushed prices more than 20% higher in two weeks.
Bitcoin blew through the $49,000 level late Monday, which had stopped prices in January after the U.S. launch of spot Bitcoin exchange-traded funds (ETFs), a long-awaited catalyst that initially fizzled but has since proved to be a driver of gains.
Indeed, crypto bulls hope that spot Bitcoin ETFs will usher in a fresh wave of interest in digital assets — especially from institutional investors who have previously stayed on the sidelines. So far, these funds have seen steady inflows, which is a positive sign.
Also, the Dow Jones Industrial Average, S&P 500, and NASDAQ are all around record levels, with increased sentiment for risk among investors in stocks likely leaking into crypto markets.
Beyond Bitcoin, Ether — the second-largest crypto — jumped 8% to $2,675. Smaller tokens or altcoins were also higher, with Cardano climbing 5% and Polygon popping 7%. Meme coins exhibited more of the same, with Dogecoin and Shiba Inu up 4% each.
Also, the Shiba Inu token has experienced an unprecedented surge, up by 340% in on-chain activity within a mere 24-hour period. Data sourced from IntoTheBlock showed a sudden influx of substantial transactions involving SHIB, thrusting the cryptocurrency firmly back into the limelight.
The volume transacted has surged from 1.28 trillion to a staggering 4.35 trillion tokens, resulting in a remarkable surge in USD value from $12.15 million to $41.37 million.
Meanwhile, the Crypto Fear and Greed Index, a major tool tracking the market sentiment in cryptocurrency markets, has hit highs not seen since Bitcoin reached its all-time highs (ATH).
According to data on the website Alternative.me, the Crypto Fear and Greed Index surged as high as 79 on Feb. 13, reaching its highest level since mid-November 2021, when Bitcoin price peaked at $69,000.
The latest spike of greed in the Crypto Fear and Greed Index came shortly after Bitcoin passed $50,000 on Feb. 12. The cryptocurrency has been seeing a solid rally over the past few months, adding about 13% to its value year-to-date, according to data from CoinGecko. #Bitcoin Crosses $50,000 as Crypto Greed Index Rises#