For Bitcoin (BTC) investors, yesterday afternoon and evening were truly a testing phase. As the price struggled to hold above $50,000, the release of US CPI data reversed all price expectations, causing BTC to plummet. Following a drop below $49,000, a rapid recovery ensued, earning the admiration of investors. Bitcoin has since regained strength, surpassing the $50,000 mark and currently appears to have reached the $51,000 level, a point last seen in 2021.
How Much is Bitcoin Worth Now?
In recent hours, the price of Bitcoin first climbed above $50,000 and currently seems to have crossed the $51,000 threshold. Following a rise of over 3%, this level has sparked enthusiasm among investors.
This price level, last seen in 2021, has materialized after a long wait by investors and reflects the delayed market impact expected post-ETF. After the ETF, Bitcoin had surpassed the $49,000 level, then retracted, leading investors to despair.
The ongoing rise over the past few days seems to have culminated today, with the Bitcoin price progressively distancing itself from the critical $50,000 level. The signs of a rise in Bitcoin were strengthening due to strong entries in spot Bitcoin ETFs and a decline in outflows on the Grayscale side. As of the time of writing, this has been reflected in the price.
As of this writing, the Bitcoin price is trading at $51,062, having momentarily reached as high as $51,381.
Latest Status of Altcoins
ETH, Bitcoin’s closest follower, has also seen its price increase by over 2%, surpassing the $2,700 level and reaching a historic high. Additionally, the price of SOL has risen by 0.66%, leaving the $115 level behind.
Lastly, looking at XRP, its price has increased by 0.2%, returning above $0.53, which suggests a move away from the critical $0.5 level.
