The market value of Bitcoin exceeded $50,000 for the first time in two years

On Monday, February 12, the first cryptocurrency by market capitalization surpassed a significant psychological milestone on major trading platforms.

During the evening, the price of this top cryptocurrency broke above the upper support line at $48,300 – $48,500 and surged upward, briefly reaching $50,120. These levels are reminiscent of the historic highs seen in December 2021.

Various leading crypto exchanges currently show a weighted average price for BTC ranging from $49,910 to $50,046 after experiencing some fluctuations.

After initially bouncing off the $50,000 mark, the market repeatedly tested the upward trend.

Renowned figures in the crypto space such as Andrew Kang, co-founder of investment firm Mechanism Capital, and Anthony Pompliano, founder of Pomp Investments, have both expressed their predictions for swift value growth in the cryptocurrency market due to an imbalance in supply and demand.