After a week of surging prices, Bitcoin’s (BTC) value approaches $48k again and is getting close to its all-time high for the year.

As of Feb. 10, Data from CoinMarketCap reveals Bitcoin is presently trading at $47,219.60. That marks a 1.70% increase in the last 24 hours, pushing year-to-date gains to 11.1%.

Things looked up when spot BTC exchange-traded fund (ETF) products came out at the beginning of the year. They make institutional buyers carefully consider how and when they invest in this asset class.

Spot Bitcoin ETFs Set to Eclipse Gold ETF Milestone

Spot BTC ETF providers gained a lot of attention. BlackRock’s volume exceeded $4 billion in just the first month, an all-time high for ETFs. 

Gold ETFs hit $10 billion in just over a year. Spot Bitcoin ETFs will soon be able to do the same, which will cause BTC’s price to rise significantly. Analysts think the coin could reach $50,000 by the end of this month if it keeps going up at this rate.

Last year, February was a positive month for BTC, which means that the price could rise by an average of 14% by the end of the month. With this expected increase, the asset’s price could easily reach $50,000 or more.

Also, how people feel about Bitcoin halving is similar to how people feel about the effects of the growth of spot Bitcoin ETFs. So, BTC looks like it will continue to grow at the current rate, and more price increases are likely shortly.

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