Bitcoin Price Surges Above $53,000 for First Time Since 2021

The price of Bitcoin pumped Monday morning, rising above the $53,000 mark for the first time since late 2021 following a recent lull in the leading cryptocurrency’s ascent.

Bitcoin rose as high as $53,482 on Monday, and remains above the $53K milestone at a current price of $53,409. The price briefly neared $53,000 last week, but then fell back under the $51,000 mark within a day.

$BTC took off in early February, starting the month at a price just above $42,000 and consistently gaining price until it topped $50,000 on February 12. It was the first time that Bitcoin had broken the $50,000 barrier since December 2021.

Since then, however, Bitcoin hasn’t made as substantial of moves. It’s remained above the $50,000 mark for nearly two weeks now, but has mostly been floating between the $51,000 and $52,000 barriers lately before jumping Monday morning.

As of today, however, the Bitcoin pump appears to be back on. Bitcoin is up nearly 4% on the day, pushing its 30-day climb to 27%. The price of the coin has more than doubled since this time last year, up 129% in that span.

Bitcoin’s latest rise comes ahead of the next halving, which is expected to take place around April 20. The halving cuts the $BTC rewards given to miners by half to fight inflation, and programmatically happens every four years or so. As a result, less new Bitcoin will be created going forward, slowing the supply expansion.

Other top cryptocurrencies by market cap are following Bitcoin’s rise today with similar gains around 4% over the past day, including Ethereum, Solana, and Binance Coin. Ethereum is now trading above $3,100, the highest point seen for the second-largest coin since April 2022.