On Monday, Bitcoin surged above $50,000, reaching its highest point in over two years.

The flagship cryptocurrency’s current price stands at $50,168.36, reflecting a 4% increase, as reported by Coin Metrics.

At its peak, Bitcoin reached $50,334.00, marking its highest level since December 2021.

Ether also experienced a gain of over 5.5%, reaching $2,643.80, and hitting $2,638.62 for the first time since January 12.

Bitcoin concluded its best week since December 8, registering a 10.76% increase by the end of Friday, CNBC reported.

The cryptocurrency market has seen a positive shift in sentiment following significant outflows from the Grayscale Bitcoin ETF, which had dampened enthusiasm over the past month.

Not only have these outflows slowed down, but there is also a notable increase in inflows.

Additionally, Bitcoin received a boost last week from the stock market, particularly as the S&P 500 crossed the 5,000 mark.

On Monday, both the broad market S&P and the blue-chip Dow Jones Industrial Average reached new intraday highs, contributing to the positive momentum in the crypto market.

Written by B.C. Begley