The orange coin crossed this threshold for the first time since December 2021, when new cars entered accumulation mode.

BitcoinBTCUSDB gave its crypto brethren an adrenaline rush on Monday when its price rose above $50,000 for the first time since December 2021. For the seventh straight day of green candles, the behemoth cryptocurrency rose 5%, rising to $50,300 from $47,700 per coin.

The driving force behind the bullish narrative is a group of large Wall Street players trying to get their hands on the OG token. Newly launched spot Bitcoin ETFs, short for exchange-traded funds, saw net inflows of US$1.1 billion last week, or the difference between the total amount of assets coming in and those going out.

Wall Street's Bitcoin frenzy has spilled over into the broader crypto space. The entire digital asset market added more than 2% to its valuation, reaching $1.9 trillion. Of these, Bitcoin owns approximately 53%. EthereumETHUSD, the second-largest coin, jumped 5% earlier in the week, surpassing $2,600 per token.