Bitcoin price hits $53,000

After briefly correcting below the $51,000 mark, Bitcoin price rebounded strongly to $52,450/BTC on February 19.

According to CoinMarketCap data, the price of Bitcoin rose 1.5% on February 19, recovering to $52,450/BTC. Previously, the “digital gold” favored by Bitcoin investors fell slightly to $50,700/BTC after approaching the $53,000 mark (the highest level since October 2021).

The price of Bitcoin has increased by nearly 9% in the past seven days. The market value of digital currencies has therefore remained above $1 trillion, accounting for 1/2 of the entire cryptocurrency market.

Similar to Bitcoin, the world’s largest cryptocurrencies have also benefited from the recovery, with Ethereum gaining 4.5% over the past 24 hours, Solana up 4%, XRP up 1.6%, Avalanche up 1.4% and Dogecoin up 3.4%.

CoinMarketCap’s sentiment index has also continued to rise since early February and is still at the greed threshold.

The bullish trend in the cryptocurrency market contrasts sharply with that of the U.S. stock market. After trading ended early this morning (Vietnam time), the three major indexes including the Dow Jones Index (-0.37%), S&P 500 Index (-0.48%) and Nasdaq Index (-0.82%) all experienced adjustments.

Retail investors have started to return to cryptocurrencies, although not in the same rush as when they were booming three years ago, the Economic Times reported.

At Coinbase, the largest cryptocurrency exchange in the United States, net user transaction revenue increased by 60% year-on-year and 80% quarter-on-quarter in the fourth quarter of 2023. Meanwhile, cryptocurrency trading volume on the Robinhood platform grew 242% in December compared to the same period last year. These are just the latest signs that retail investors who lost billions in the 2022 market crash may be starting to make a comeback.

Bitcoin prices rose 157% in 2023 as the U.S. Securities and Exchange Commission (SEC) pushed for ETFs. Although Bitcoin prices fell following the ETF’s approval, investors remain optimistic about the cryptocurrency’s rise this year.

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