WEEKLY WATCH - Bitcoin Surpasses $52,000 Mark, Sets New Weekly Record Amid Crypto Market Surge

As Bitcoin breaks past $52,000 and Ethereum reaches heights not seen in nearly two years, the cryptocurrency market gears up for potential ETF approvals and heightened investor optimism.

The cryptocurrency market has begun the last week of February on a bullish note, with Bitcoin crossing the $52,000 mark and achieving a fresh two-year high for the weekly close. After a relatively subdued weekend where BTC briefly dipped below $51,000, investors and bulls have rallied, propelling the market closer to its all-time highs.

Closing out the trading week on February 11 with its most substantial surge since October, Bitcoin (BTC) saw a remarkable 13% increase. The past seven days also saw impressive movements, starting with a significant uptick on Monday, propelling BTC beyond $50,000. A brief retracement followed on Tuesday after the US released the latest CPI numbers. However, Bitcoin regained momentum later in the week, surging to $52,900 by Thursday, its highest level since late 2021. Although it faced resistance at this level and retraced to $50,500 on Saturday, the following 36 hours saw gradual gains, pushing BTC just over $52,000 by now. Bitcoin's price has tripled since the start of 2023, fueled by optimism surrounding dedicated US exchange-traded funds and anticipation of the halving event, which would reduce the token's supply growth.

Ethereum (ETH) stands out as one of the top performers in the past 24 hours, reaching its highest price in nearly two years, surpassing $2,900. Ethereum has steadily increased in value in recent weeks, mirroring Bitcoin's ascent amid speculation surrounding the potential approval of spot Bitcoin ETFs. With a 4% increase in the past 24 hours alone, Ethereum now sits at a 21-month peak, as the community awaits potential SEC approval of spot Ethereum ETFs. Ethereum has outpaced Bitcoin in weekly gains, offering traders a 16% increase compared to Bitcoin's 8%. Additionally, Ethereum has seen a 5% rise in Open Interest on Monday.

Other tokens associated with the Ethereum ecosystem have also experienced surges in the past 24 hours. MATIC has surged by 5%, nearing $1, while OP has seen a 6% increase, trading at $3.9. Solana has reclaimed the $110 level with a 2.5% increase, mirrored by DOGE, which has risen above $0.086. However, BNB has retraced by over 1%, settling at $350.

Despite these individual token movements, the total crypto market cap has seen a significant overnight increase of over $40 billion, surpassing $2.080 trillion on CoinGecko. Despite this surge, Bitcoin's dominance over altcoins has slightly decreased to 49.2%.