Bitcoin Crosses $30k Mark And Suggests 2023 Will Be Good For Crypto

Republished By Plato

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Bitcoin is currently trading at more than $30,000 — last week, the dominant crypto hit a new record price for 2023. This is the first time Bitcoin has surpassed the $30,000 mark since last June. As of now, Bitcoin has increased by around 84%, making it the best-performing asset in the relevant market for the first quarter of 2023.

After a calm Easter weekend, the price of BTC jumped by 3.37% to above $29,300 on April 10, 2023. The momentary increases in Bitcoin were interestingly accompanied by a decline in U.S. stocks, an unusual decoupling that emphasizes the coin’s waning risk-on qualities. In the past month, BTC has increased by nearly 46%, reaching its most recent high on Tuesday .

The Crypto Greed and Fear Index has been consistently in the “Greed” zone since last week, with the most recent update on Tuesday, April 11, 2023, showing a score of 68 out of 100. The Index’s objective is to statistically depict the current “sentiments and emotions” regarding the crypto market, with 100 being the highest possible score.

On March 21, 2023, the index also reached a score of 68, which is the highest level it had reached since Bitcoin’s all-time high of almost $69,000 was registered on November 10, 2021.

According to CoinDCX, the increase can be due to a number of causes, including rising U.S. inflation, unrest in the banking industry and unpredictability around stablecoin. Many investors are placing bets against the U.S. dollar’s deteriorating value and purchasing Bitcoin as an inflation hedge.

Due to this, institutional adoption has increased dramatically, leading major companies such as MicroStrategy, one of the largest Bitcoin corporate holders as of today, to amass a total of about 140,000 Bitcoins, totaling $4.16 billion.

Michael Saylor, the creator of MicroStrategy, has been a vocal supporter of Bitcoin and has led the charge for companies to exploit cryptocurrency as a major asset. Since making its initial investment in 2020, MicroStrategy has consistently increased its BTC holdings despite the ongoing bear market in cryptocurrencies.

CoinDCX Research also noted that the narrative surrounding the upcoming Bitcoin halving, set for April 2024, is beginning to gain momentum, which has historically been a bullish indication for the price of Bitcoin and other cryptocurrencies.

A close eye will be kept on Bitcoin’s future performance. However, for the time being, the $30,000 threshold is considered a positive development for the global cryptocurrency markets, and industry companies such as Marathon Digital Holdings Inc. (NASDAQ: MARA) could see increased activity as a result of this positive spike in the price of the leading cryptocurrency.

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