Bitcoin Breaks $30,000 Barrier. Is the Crypto Market Making a Comeback?
Bitcoin has surged $30,000 for the first time since June 2022, gaining more than 80% since the start of the year. Nevertheless, the most popular cryptocurrency remains more than 50% below its all-time high in November 2021.
The largest cryptocurrency rose by over 6% in the last 24 hours, boosting the rest of the digital asset market. Bitcoin is currently trading at $30,105, marking an 8% rise in seven days. Meanwhile, Ethereum, the second largest digital asset, is trading for $1,923, with a 3.4% 24-hour increase.
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Bitcoin is up about 80% year-to-date after a mediocre start in 2023 when it traded roughly at $16,000. Bitcoin experienced a significant decline in value last year due to various high-profile scandals within the crypto industry, such as the failure of Terra/Luna tokens, and the bankruptcies of crypto lender Celsius and crypto exchange FTX. However, the cryptocurrency has since made a partial recovery, and the reason might be due to traders anticipating Federal Reserve to ease up on interest rates because of the banking crisis and some suggest that the Bitcoin is heading toward the end of its four-cycle marking the start of the bull market.
Some believe that with current financial uncertainty, assets like Bitcoin and gold remain a safe bet. According to Caitlin Long, founder, and CEO of Custodia Bank, the banking crises had amassed "orange-pilled" people, which refers to new investors getting into Bitcoin amid what she described as a "paradigm shift" in traditional banking. “A lot of folks are waking up to the instability in the traditional financial system and being orange-pilled so to speak, and looking at Bitcoin for the first time,” Caitlin Long said in an interview to CNBC.
The Crypto Fear and Greed Index has remained firmly within the "Greed" territory since last week, with the latest April 11 update showing a score of 68 out of a possible total of 100. The index aims to numerically present the current "emotions and sentiments" toward Bitcoin and the cryptocurrency market, with the highest score being 100.
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It also hit a score of 68 on March 21, marking its highest level since it recorded a score above 66 on Nov. 16, 2021, just days after Bitcoin's all-time high of over $69,000 was recorded on Nov. 10, 2021.
