Bitcoin blasts past $52,000 in crypto resurgence

Bitcoin, the crypto king, is back with a vengeance, surging to its highest level since December 2021 and breezing past the $52,000 mark earlier today. This caps off a monumental week for the world’s largest cryptocurrency, which crossed the $1 trillion market capitalisation threshold just yesterday.

The BTC price boom is also lifting shares of crypto and blockchain companies, with exchange giant Coinbase rallying 4.9% and bitcoin mining outfit Bitfarms up 9.5%. Even Wall Street is taking notice, as J.P. Morgan upgraded its rating on Coinbase to neutral.

So what’s fueling this powerful crypto rally? Analysts point to accelerating inflows into new US-based bitcoin ETFs, which have attracted over $1.2 billion in fresh investments over the past week alone. At the same time, outflows from the Grayscale Bitcoin Trust have begun to slow dramatically.

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The rising bitcoin tide has lifted all boats in crypto-land. Ethereum blasted to a 21-month high above $2,800 and laggard XRP jumped just short of $0.56. Crypto miners like Riot Platforms and Marathon Digital booked gains between 3.4% and 6.2%, while BTC computing giant Canaan Inc saw its shares spike nearly 9% in early trading.

So is this spring rally here to stay? Only time will tell, but the crypto space hasn’t looked this rosy since the glory days of late 2020 and early 2021. One thing’s for certain – the Bitcoin bulls are running full steam ahead once more.