Bitcoin price hits 2023 high after 85% surge

The price of Bitcoin has risen above $30,000 for the first time since June 2022, marking a major comeback for the cryptocurrency.

 

The latest rise in value takes Bitcoin’s total gains in 2023 to more than $14,000, representing an 85 per cent price increase since the start of the year.

Momentum

Other leading cryptocurrencies have also seen positive price trends in recent months, with the overall crypto market up more than $400 billion as a result of similar gains from Ethereum, Cardano and XRP.

 

“Momentum has steadily built for bitcoin as investors digest macroeconomic shifts in data,” said Simon Peters, a crypto market analyst at the online trading platform eToro.

 

“The next one markets will be watching is US inflation. If inflation continues to recede, we could see some consolidation above $30,000. The price is still wavering around the milestone currently.”

The number of bitcoin investments jumped 78 per cent week-on-week globally, and up 72 per cent in the UK.

Despite the recent price surge, bitcoin and the broader market still remain a long way off their record price peaks.

 

Bitcoin is currently worth less than half the all-time high it experienced in November 2021, though some commentators believe the increasingly buoyant market is a sign that the so-called ‘crypto winter’ has come to an end.

“Bitcoin’s strength compared to the traditional markets shows that investors are increasingly shifting their capital into Bitcoin, choosing it instead of traditional investments to build their wealth,” said Alex Adelman, CEO and co-founder of crypto rewards app Lolli.

 

“The fact that today’s rally did not have a clear catalyst is a bellwether of bitcoin’s newly bullish market conditions and strong investor confidence.”

 

Data from eToro shared with The Independent shows that the rejuvenated market has led to an increased appetite on the platform for bitcoin and other cryptocurrencies in April.

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