The biggest cryptocurrency has reached a long-awaited milestone, signifying the climb it has been displaying over the past few months.
On Tuesday, Bitcoin (BTC) topped $48,070 prior to retracting to $47,800. Nonetheless, compared to January 24, 2022, where it was 35% lower, equivalent to $33,496.
As per data obtained from CoinMarketCap, the last high came on January 1, when the value of Bitcoin (BTC) was $47,730.
The biggest cryptocurrency in the world by market cap was changing hands at $47,567 at the time of writing, having incurred an increase of 1.31% in a 24-hour period. Bitcoin (BTC) has risen 11.98% in a week and has incurred a monthly increase of 21.81%.
Having traded in a space from $35,000 – $45,000 for quite some months now, Bitcoin (BTC) has already been successful in breaking the pattern. As such, the flagship digital asset has made up for the losses that have been piling on since the beginning of the year.
The rising price of Bitcoin (BTC) has aided in the growth of the cryptocurrency’s market capitalization, as well as the overall market capitalization of other significant cryptocurrencies.
As a result, the market value of Bitcoin (BTC) momentarily touched $913.29 billion on Tuesday before falling below $907.5 billion. Its contemporary market capitalization, though, is about 35% greater than the $634.37 billion that was displayed by the end of January by the indicator.
However, judging by current market signals, some financial specialists examining indicators in decentralized finance are enthusiastic about this increase and anticipate that the price of Bitcoin (BTC) will continue to rise and soon approach $50,000, and potentially exceed it.
Bitcoin (BTC) has risen 35% since the beginning of Russia’s conflict with Ukraine on the 24th of February, and was demonstrating contrasting resilience as a safe haven asset in the event of serious geopolitical economic conditions and recession concerns.