Bitcoin Surpasses $50,000 Mark for First Time in Two Years; Tether and USD Coin Experience Losses

In the past 24 hours, Bitcoin’s price surged by $1,816 (approximately Rs. 1.50 lakh), aligning with expert predictions.

Bitcoin on Tuesday, February 13, recorded a profit of 3.76 percent. At present, the world’s oldest, most expensive crypto asset is trading at $49,917 (roughly Rs. 41.4 akh), after crossing the $50,000 mark. This is the first time since November 2021 that Bitcoin has managed to jump to $50,000 (roughly Rs. 41.4 lakh). In the last 24 hours, proving all expert predictions right, Bitcoin price swelled by $1,816 (roughly Rs. 1.50 lakh). As per market experts, this surge is due to the robust performance of the US stock market, substantial inflows into spot Bitcoin ETFs, and upcoming halving event.

Ether joined Bitcoin in reeling in gains on Tuesday. The second-most valued crypto asset, at the time of writing, is trading at $2,642 (roughly Rs. 21.9 lakh) after seeing a 5.51 percent surge in its price in the last 24 hours.

Majority altcoins are rallying with profits on Tuesday. These include Ripple, Cardano, Avalanche, Dogecoin, and Polkadot.

Other profit-making cryptocurrencies include Binance Coin, Solana, Chainlink, and Polygon.

The overall crypto market cap rose by 3.78 percent in the last 24 hours. With this, the valuation of the crypto sector has risen to $1.87 trillion (roughly Rs. 1,55,23,702 crore), as per CoinMarketCap.

As the market gains momentum, Ethereum, the world’s second-largest cryptocurrency by market capitalization, saw a 6 percent increase, while its top layer-2 solutions, OP and ARB, surged by 8.3 percent and 7.5 percent, respectively. These gains suggest a potential move towards another local high if the current momentum in Bitcoin is sustained. However, Tether, USD Coin, Bitcoin Cash, Leo, and NEM experienced losses on Tuesday.

“Traders are advised to monitor the US Consumer Price Index (CPI) announcement today, as it has the potential to impact market volatility.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.