CJ – Cryptocurrency Specialist
Bitcoin, the largest cryptocurrency by market cap, has surged past the $30,000 mark, bringing the rest of the digital asset market with it. According to CoinGecko data, Bitcoin is currently trading for $30,327, representing a 7% increase in the past 24 hours and a 9% increase over the past seven days. This is the first time Bitcoin has hit these levels since June 9 of last year, almost exactly 10 months ago.
Ethereum (ETH), the second largest digital asset, is also experiencing gains, trading for $1,933, a 4.3% increase in the past 24 hours. Even Dogecoin, the eighth largest digital asset, which last week saw a surge in value thanks to Elon Musk's tweets, is up modestly by 2.8% in the past day, trading for $0.085.
Bitcoin is outperforming the top 20 biggest digital assets, and traders are attributing this to several factors. Some are expecting Federal Reserve Chairman Jerome Powell to slow the rate of interest rates due to the banking crisis, making "risky" assets like Bitcoin more appealing. Others see Bitcoin and gold as safe-haven assets amidst current financial uncertainty and the looming possibility of a recession.
Despite regulatory woes for the crypto market investment industry and investor hesitation towards risky assets, Bitcoin has made a comeback this year. At the start of 2021, it was worth $16,615 per coin, but it has since increased by over 80%. The current surge past $30,000 represents another milestone for the cryptocurrency market.
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