The price of Bitcoin (BTCUSD) has exceeded $50,000 for the first time since December 2021 and broke the psychologically important threshold. On February 12 evening, the market price of the first cryptocurrency by capitalization broke through the SMA50 boundary of the upper support at $48,300 — $48,500 and soared upper, reaching at some point $50,120. At the time of this writing, the price trimmed to $49,981, but the upward momentum remains intact.

Once again, we are eyeing the values close to the historical records of December 2021. After a series of aftershocks due to large asset reallocations caused by the launch of 11 spot Bitcoin-ETFs in January, the main BTC trading boundaries have shifted upwards to a range of $49,910 to $50,046. There are many reasons to believe that the benchmark is on track for the April halving event!

Meanwhile, the market value of BTC (it’s market dominance) has once again exceeded 50% of the total market value of all digital currencies, currently standing at approximately 50.3%. The current total market value of all digital currencies is at 1,883 billion, while the BTC market value is $984 billion. According to Grayscale, a new powerful price driver (i.e., adoption of the ETFs) will also keep strongly contributing to Bitcoin’s performance through the halving event in April this year. The research report states, that “… In addition to the overall positive onchain fundamentals, the market structure of Bitcoin is favorable for prices after halving.”

The Grayscale report indicates that the current issuance of new coins (mining rewards) per block is 6.25 Bitcoins, which is approximately $14 billion per year based on a price of $43,000. In other words, to maintain the current price, a buying pressure worth $14 billion needs to be generated during the same period.