Bitcoin (BTC) Surges to New Multi-Month High as Recovery Picks Up Steam – Crypto News – Crypto News
Connect with us
Bitcoin (BTC) Surges to New Multi-Month High as Recovery Picks Up Steam Bitcoin (BTC) Surges to New Multi-Month High as Recovery Picks Up Steam

Cryptocurrency

Bitcoin (BTC) Surges to New Multi-Month High as Recovery Picks Up Steam – Crypto News

Published

3 years ago

on

Alex Dovbnya

The world’s largest cryptocurrency keeps surging higher, reclaiming the $21,000 level once again

Bitcoin, the largest cryptocurrency, spiked to an intraday high of $21,411, reaching the highest level since Nov. 6 on the Bitstamp exchange.

This coincided with the network’s mining difficulty reaching a new peak on sundaywhich signals growing confidence in the crypto market.

A variety of factors are likely powering this rise in the value of Bitcoin. There is growing hope among market players that central banks will pursue a more favorable monetary policy by pausing interest rate hikes or cutting interest rates soon, perhaps even as early as later this year.

Additionally, data provided by cryptocurrency firm Kaiko points to growing purchasing confidence among large Bitcoin buyers — known as “whales” — which helps to sustain current higher levels of demand, CNBC reports,

On top of this, there is also the upcoming Bitcoin “halving” in May 2024, an event during which Bitcoin mining rewards are cut by half. Based on the flagship cryptocurrency’s historical performance, the event presents an opportunity for buyers to generate high returns from investing during the pre-halving period.

While Bitcoin’s previous all-time record of $68,990 remains far out of reach at present moment, the new rally has given investors and traders more reason to be optimistic.

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending