Bitcoin (BTC) surpassed $30,000 for the first time since June 2022, as the flagship cryptocurrency maintained its rise that has seen its value nearly double since the start of the year.
The broader crypto market is also waking up, with the industry’s overall market cap now standing at $1.24 trillion, up 4.32 percent in the last 24 hours.
Bitcoin sumpremacy
More than $49 billion in cryptocurrency has been moved in the last day, according to CoinMarketCap, with BTC accounting for 47 percent of total market volume.
According to TradingView, the largest cryptocurrency by market cap is currently trading at $30,075 but this may slow as markets approach their daily closure.
The reason for bitcoin’s recent bounce is due in part to investors rushing to the crypto space in the hope that future inflation data will cause the US Federal Reserve to suspend its ongoing rate hikes.
Furthermore, the cryptocurrency’s current lower trading volume may be magnifying the price spike, according to Bloomberg. Bitcoin’s crucial break above $30,000 earlier today clearly sent a positive spark through the market.
Ethereum, the second most valuable digital asset, is currently trading at $1,918.87, up 6% in 24 hours. Dogecoin, the seventh most valuable digital currency, is up 2.4 percent in the last day, trading at $0.085.
BTC was worth roughly $16,600 per coin at the start of the year. Despite the crypto industry’s never-ending regulatory troubles and investor aversion to risk assets, it has made a comeback and is now up more than 80%. Before hitting its all-time high of $69,044 in November 2021, the asset has a long way to go.
To read our blog on “Russia overtakes China as the 2nd biggest Crypto miner,” click here
