Bitcoin Cancels Year’s Losses as it Spikes Above $46,000

• Bitcoin has enjoyed a stealth rally over the past few days that helped the cryptocurrency erase losses for the year

• The flagship crypto token jumped to around $47,000 on Monday morning, its highest point since the market crash in January this year

• The broader cryptocurrency market has enjoyed strong gains, with tokens like Ethereum, Solana, Binance Coin, and Polkadot also adding to their value

For the first time since January 5, 2022, when Bitcoin crashed to $44,800, the flagship cryptocurrency is trading above $46,000. BTC erased losses for the year early on Monday morning as it was trading at $46,952, according to data from CoinMarketCap.

The world’s biggest cryptocurrency has enjoyed a stealth rally over the past week that has pushed the token back into positive territory for the year. The recent gains mean that BTC is now up 1.47% for the year.

The cryptocurrency market had been affected by news that the Federal reserve was removing stimulus measures that were put in place to avoid a pandemic downturn. The move meant that people had less money to invest in riskier assets such as crypto.

However, the market began to advance gradually this month, alongside the stock market. The biggest push has however come in the past 24 hours as Bitcoin attained a level that was previously only attained in January.

Read also: Crypto Users in Africa Grow 2500% Within a Year, Stunning New Report Reveals

Along with BTC, other popular cryptocurrencies have benefited from this major rally as tokens like Ethereum, Solana, Binance Coin, and Polkadot are up for today.

According to data from CoinMarketCap, Ethereum has added 5.6%, Binance Coin (3.99%), Solana (7.4%), and Polkadot (8.89%).

The global crypto market capitalization is also up 4.97% in the past 24 hours, as it holds a value of $2.12T.

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