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Bitcoin Surges Past $47,201, After Jumping 12% in the Last 6 Consecutive Days

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Bitcoin mining. Conceptual illustration. Bitcoin mining icons. Vector clipart.

Bitcoin temporarily jumped past its 2022 yearly breakeven level of $47,201, hitting as high as $47,524 before paring back to settle in the $45,850 range.

Source: CoinDesk.

BTC USD up +1.05%, ETH USD up +1.68%

The largest crypto by market capitalization rose 5% in the last 24 hours. Bitcoin has surged more than 12% since last Sunday after rising for six straight days.

On a note, Singapore’s QCP capital indicated the bullish momentum is likely to continue in the near term due to a wider rally in the global asset prices.

QCP further pointed out a notable buy flow this week of the 125 million USDT buy o BTC by Luna Foundation Guard (LFG). This purchase is part of a program to accumulate a total of 3B USD worth of BTC as a reserve for TerraUSD (UST).

Ether and most other major cryptocurrencies were also booming, rising to over $3,250, its highest level since early February. The second-largest crypto followed a similar trend to bitcoin.

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