2 November 2024
Bitcoin Hits a 3 Month High And Erases 2022 Losses
The leading Cryptocurrency, Bitcoin, has recorded a new three-month high this week.
Today, Bitcoin hits $48,070 before sliding back below the $47,800 mark, but it is still nearly 35% higher than $33,496, where it traded on January 24.
According to CoinMarketCap, its previous high was on January 1, when the price of Bitcoin stood at $47,730.
Currently, Bitcoin is trading at $47,567, up by 1,31% in the last 24 hours, 11.98% in the previous week, and 21.81% in the past month.
Bitcoin has managed to break out from the range of $35,000 – $45,000 in which it had been trading for the past few months. The new price range wipes out this year’s losses in the middle of an extensive rally for Cryptocurrencies.
Bitcoin’s increased price also helped in the rise of the Cryptocurrency’s market worth, as well as boost the overall market cap of other Cryptocurrencies.
The market cap of Bitcoin reached $913.29 billion and later dropped below the $907.5 billion mark.
As per the financial experts, Bitcoin will continue its bullish rally and soon break the $50,000 mark based on recent market signals.
Earlier, the news platform Finbold reported that Bitcoin surged 35% since the start of the Russian invasion of Ukraine (February 24), and it was showing divergent strength in the face of the difficult geopolitical market conditions and fears of recession as a safe haven asset.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.
Discussion
0 comments