Breakthrough of the Week: Bitcoin Price Exceeds $ 50,000

On the eve of Bitcoin (BTC) for the first time broke above $ 50,000, but then fell to $ 48,000.

Support increased on Wednesday night, February 17, after which the coin again began trading above $ 50,000. This time, Bitcoin not only retained its won positions, but also significantly strengthened them. At the time of publication of this review, the BTC rate exceeded $ 52.378. Cryptocurrency capitalization reached $ 976.963 billion.

According to Galaxy Digital CEO Mike Novogratz, support for Bitcoin was provided by several categories of investors at once. We are seeing massive adoption of BTC, which will certainly fuel demand and lead the cryptocurrency to a new maximum, the businessman believes.

In a review by the WhaleMap team, demand has increased in the range of $ 46,500 to $ 48,500. Below these values, there has been consolidation following reports of Tesla's investment in Bitcoin.

There are many more signals on the market in favor of further growth. This is due to the so-called supply shortage recorded by the research company Arcane Research. She reported last week about a decrease in the BTC exchange balance. Investors withdraw cryptocurrency from trading floors and set themselves up for its long-term storage.