As Bitcoin (BTC) finally surpassed the critical psychological price mark at $50,000 for the first time since 2021 and continued up, close to $40 billion has flown into its market capitalization in the last day alone, bringing excitement all across the cryptocurrency sector.
Indeed, Bitcoin’s market cap raced from $945.31 billion to $982.41 billion in a matter of 24 hours, which means it has added as much as $37.1 billion and grown by 3.93% during this period, according to the latest information retrieved from crypto market monitoring platform CoinMarketCap on February 13.
Bitcoin 24-hour market cap chart. Source: CoinMarketCap
Bitcoin 24-hour price chart. Source: Finbold
At the same time, crypto trading expert Jelle pointed out that Bitcoin has broken the 0.618 Fibonacci retracement before the halving for the first time in its history, making it the “strongest start to a new bull cycle, ever” and printing new highs, according to the analysis shared in an X post on February 13.
Bitcoin price action analysis amid pre-halving. Source: Jelle
Moreover, crypto analyst Ali Martinez highlighted that “it seems the market has just emerged from a period of anxiety and has re-entered a new phase of belief,” suggesting “we might see additional upward momentum for Bitcoin before reaching the peak of euphoria that characterizes the end of the bullish cycle.”
Bitcoin long-term holder net unrealized profit and loss (NUPL). Source: Ali Martinez
All things considered, the flagship decentralized finance (DeFi) asset seems to have triggered an unstoppable bullish rally, possibly even ending up at a new all-time high, surpassing the previous record it reached in November 2021 when it was briefly trading around the price of $69,000.
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