Bitcoin and other cryptocurrencies rallied on Tuesday, with the leading digital asset blowing through a key level to reach its highest point since the crypto crash accelerated last summer. Prices may continue to rise in the short term with bulls back in control.
The price of Bitcoin has jumped 6% in the past 24 hours to $30,100. The largest crypto had consolidated around $28,000 for several weeks before prices took their final leg higher amid a surge that has defined 2023, with Bitcoin now up 80 % since the start of the year in a move that…
Bitcoin
and other cryptocurrencies rallied on Tuesday, with the leading digital asset blowing through a key level to reach its highest point since the crypto crash accelerated last summer. Prices may continue to rise in the short term with bulls back in control.
The price of Bitcoin has jumped 6% in the past 24 hours to $30,100. The largest crypto had consolidated around $28,000 for several weeks before prices took their final leg higher amid a surge that has defined 2023, with Bitcoin now up 80% since the beginning of the year in a move that has spurred another bull market.
“Bitcoin has already recovered roughly half of its losses from record highs and is up more than 100% from crypto winter lows,” said Naeem Aslam of Zaye Capital Markets. “The current price pattern is expected to generate a lot of attention, as well as ‘fear of missing out’ among investors, many of whom have already missed out as the price has recovered its significant losses.”
As with much of the recent rally, Bitcoin can thank its sensitivity to macroeconomic forces – and a correlation to stocks, even as digital assets significantly outperform
Dow Jones Industrial Average
and
S&P 500
this year. A major headwind for crypto last year was the Federal Reserve dramatically raising interest rates to fight decades of high inflation, with higher prices dampening demand for riskier bets like Bitcoin. Prices have retreated this year amid expectations that the Fed will be more accommodating.
Beyond Bitcoin,
Ether
— the second largest crypto — gained 3% to $1,920. Smaller cryptos or altcoins were also buoyant, too
Cardano
climbing 5% and
Polygon
jumped 3%. Memecoins were similarly in the green, with
Dogecoin
progress 3% and
Shiba Inu
up 2%.
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Write to Jack Denton at [email protected]
