Bitcoin (BTC) crossed $30,000 for the first time since June 2022 as the flagship cryptocurrency continued its rally which has seen its value nearly doubled since the beginning of the new year.
The broader crypto market is also showing signs of life, with the industry’s total market cap currently standing at $1.24 trillion, up 4.32 percent in the last 24 hours. According to CoinMarketCap, more than $49 billion in cryptocurrency has been traded in the last day, with BTC racking up 47 percent of the market volume.
TradingView shows that the largest cryptocurrency by market cap is trading for $30,075 but may slow ascent as markets approach their daily close.
The reason for bitcoin’s current recovery is partly due to investors flocking to the crypto space in the expectation that upcoming inflation figures will prompt a pause in the US Federal Reserve’s ongoing rate hikes. Furthermore, according to Bloomberg, the cryptocurrency’s current lower trading volume may be amplifying the price surge.
Bitcoin’s psychological break above $30,000 earlier today has evidently sent a bullish spark across the space. The second most valuable digital asset Ethereum is currently trading at $1,918.87, up 6 percent in 24 hours.
Dogecoin, the eighth largest digital asset that jumped in value last week due to Elon Musk’s social media whims, is up 2.4 percent in the last day, trading at $0.085.
At the beginning of the year, BTC was worth around $16,600 per coin. Despite neverending regulatory woes for the crypto industry and investor aversion to risk assets, it has again made a comeback and is now up more than 80 percent.
The asset still has a long way to go before reaching its all-time high of $69,044 of November 2021.