For the first time in over two years, Bitcoin has touched the $50,000 level.

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

According to Coin Metrics, the price of the flagship cryptocurrency was last 4% higher at $50,168.36. Prior to that, it had surged to $50,334.00, marking its highest level since December 2021. Ethereum, after climbing to $2,638.62 for the first time since January 12, was more than 5.5% higher at $2,643.80.

“$50,000 is a significant milestone for Bitcoin,” said Antoni Trenched, co-founder of crypto services firm Nexo. “Following the launch of spot ETFs last month, it not only failed to break above this key psychological level but also struggled to find enthusiasm for the new Bitcoin products.”

Since December 8th, Bitcoin has been having its best week, closing in on Friday with a 10.76% gain.

During the past month, positive sentiments have returned to crypto after the launch of the grayscale Bitcoin ETF, not only reducing outflows but also increasing inflows. Furthermore, Bitcoin seized the stock market last week, surpassing 5,000 on Friday. On Monday, both broad market indices, the S&P and the Dow Jones Industrial Average, hit intraday highs.

Bitcoin is retracting from $50,000. James Butter fill, head of research at crypto-focused asset manager Coin Shares, stated, “Several market dynamics are at play, including China’s adoption of a more accommodative fiscal policy, which has boosted asset purchases, particularly in Bitcoin and equities.”

“The demand for spot Bitcoin ETFs is strong, with net inflows of $1.1 billion during the past week and $2.8 billion since their inception,” he added. ” Friday alone, ETFs fixed 12,000 bitcoins, significantly outpacing the one day creation rate of mostly 900 new bitcoins.”

$48,600 has been identified by investors as a critical resistance level .Chart analysts suggest that if Bitcoin can stay above this level, the door could open for new highs beyond $50,000 and possibly a new all-time high, according to chart analysts. Bitcoin set its record at $68,982.20 on November 10, 2021.

Monday’s rise boosted crypto equity. During the proxy MicroStrategy’s strategy, Bitcoin exchange, it gained more than 3%. There was an 11% increase. Several mining stocks doubled. Clean Spark rose by nearly 14%, and Aires Energy rose by 16%. Marathon Digital surged by 14%.

Correction: Previously, Bitcoin broke the $49,000 level after January 11th. A previous story misstated the record.