Bitcoin surged to over $50,000, hitting a two-year high amidst record-low Google search volumes for the cryptocurrency, indicating a discrepancy between public interest and its financial performance.
The rally saw significant liquidations, with over $191 million in crypto shorts liquidated in the last 24 hours, including a $3.89 million ETH-USD swap on OKX.
Over the past week, Bitcoin surged by 17%, while Ether saw a 13.5% increase, rebounding from a market downturn following the approval of U.S. Bitcoin spot ETFs.
Despite dipping below $40,000 in late January, a slowdown in outflows from the Grayscale Bitcoin Trust (GBTC) and consistent inflows into newer spot ETFs propelled Bitcoin back into positive territory.
Bitcoin briefly surpassed $50,000 before retracing to $49,936, inching closer to a $1 trillion market capitalization, requiring a per-unit price of approximately $51,000.
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