The bulls are in ecstasy! Bitcoin rises above $48,000, hits new yearly high

Bitcoin's surprising rise for several days in a row has cryptocurrencies bulls in ecstasy.

On Monday, Bitcoin rose close to 5%, with the coin once rising above $48,000 to a new 2022 high. Currently, bitcoin is fluctuating around $48,000.

Over the past few weeks, cryptocurrencies led by bitcoin have been struggling, as have other risky assets. But after breaking above the key $45,000 level over the weekend, bitcoin has gained tremendous upward momentum.

In a television interview, Grayscale CEO Michael Sonnenshein said bitcoin erased this year's losses and got the cryptocurrency community excited. He believes that Terra has started buying bitcoin as a reserve asset, which could be supportive for the bitcoin coin price.

Do Kwon, founder of the blockchain ecosystem Terra, officially confirmed that they have purchased more than $1 billion worth of bitcoin as a reserve asset for its stablecoin Terra USD (UST) since the end of January, according to media reports on Monday.

Bitcoin has accumulated a 17% gain over the past week.