Bitcoin, the world’s largest cryptocurrency, has hit the $US50,000 mark for the first time in two years.
The crypto asset gained over 16.3 per cent so far this year reaching its highest level since December 2021.
Ethereum, the world’s second-largest crypto, was up 4.1 per cent at $US2608.
It’s a remarkable turnaround from 2022 lows, when multiple hacks, to the war in Ukraine, saw the market plunge as investors sought better returns elsewhere.
Market Analyst at eToro, Josh Gilbert, said the upturn could have further legs with a Bitcoin “halving” event expected in April.
“We’ve got four or five cuts lined up from the Federal Reserve in 2024,” Gilbert said.
“The fourth bitcoin halving, will enhance the asset’s scarcity, and further inflows to bitcoin ETFs after already seeing billions of dollars flow in just weeks after launching.
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