Bitcon’s price has jumped above $51,000 for the first time since December 2021, pushing its market capitalization again to the $1 trillion mark.
Bitcoin’s price dipped below $49,000 on Tuesday after briefly hitting $50,000 on Monday. Around 8:00 UTC on Wednesday, BTC began to rise again and quickly passed through $51,000. It is changing hands at $51,400 as of writing.
The price rally has pushed bitcoin’s market capitalization to $1 trillion for the first time since late 2021, according to data from CoinGecko.
Bitcoin’s hashprice is hence again approaching $90/PH/s, based on data from Luxor’s Hashrate Index. If bitcon’s price rally sustains through Thursday during trading hours, several bitcoin mining stocks could set new 52-week highs.
The stock prices and market capitalization of major mining stocks declined by more than 50% since mid-January after bitcoin’s spot ETFs began trading. They have staged a notable comeback over the past week as bitcoin’s price recovered from $40,000.
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