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Crypto Price Today: Bitcoin has reached a significant milestone, altcoins witness upsurge

Crypto Price Today: Bitcoin, the world's largest cryptocurrency, has reached a significant milestone by surpassing the US$50,000 level for the first time in over two years. The cryptocurrency experienced a notable surge of more than 3.50 percent in the past 24 hours, propelling its value past the US$50,000 mark. According to data from CoinMarketCap, Bitcoin is currently quoted at US$50,132.43, reflecting a 3.66 percent increase on Tuesday morning. This achievement comes amid growing investor interest and optimism surrounding the digital asset market, with Bitcoin's total market capitalization standing at an impressive US$983,919,761,106.

Bitcoin's Remarkable Rise:

The recent surge in Bitcoin's price marks the first time since December 2021 that the cryptocurrency has crossed the US$50,000 mark. Bitcoin's value has surged by more than 15 percent since the beginning of 2024, underscoring its resilience and appeal as a leading digital asset. The bullish momentum in Bitcoin's price reflects renewed investor confidence and interest in the cryptocurrency market.

Impact of SEC Approval:

In January of this year, the US Securities and Exchange Commission (SEC) approved the first spot bitcoin exchange-traded funds (ETFs). This regulatory milestone was heralded as a game-changer for the cryptocurrency industry, which has long sought to launch such a product. The SEC's decision to approve bitcoin ETFs signaled growing acceptance and legitimacy of cryptocurrencies in traditional financial markets, contributing to Bitcoin's upward trajectory.

Performance of Other Cryptocurrencies:

Ethereum, the second-largest cryptocurrency by market capitalization, also experienced a notable increase in its price, jumping 5.87 percent to reach US$2,658.05. Ethereum's market cap stood at US$319,412,463,633, reflecting the broader bullish sentiment in the cryptocurrency market.

Dogecoin (DOGE) registered a 24-hour increase of 1.68 percent, currently priced at $0.08179. Litecoin saw a modest 24-hour gain of 1 percent, trading at $71.95. Meanwhile, XRP's price stood at $0.5286, witnessing a 24-hour gain of 0.91 percent. Solana, another prominent cryptocurrency, surged by 6.17 percent over the past 24 hours, with its price reaching $113.15.

Bitcoin's breakthrough past the US$50,000 mark represents a significant milestone for the cryptocurrency market, signaling renewed investor confidence and optimism. The SEC's approval of bitcoin ETFs and the broader acceptance of cryptocurrencies in traditional financial markets have contributed to Bitcoin's remarkable rise. As the cryptocurrency market continues to evolve and mature, investors are closely monitoring developments and seeking opportunities for growth and investment in digital assets.