Cryptocurrency Bitcoin: What is the reason for the rise in price of cryptocurrency Bitcoin?
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Pudhari Online Desk : Cryptocurrency Bitcoin : The crypto market is seeing its best performance since 2022. Bitcoin, the largest cryptocurrency by market value, has crossed the $41,000 mark. Also Ethereum has hit $2,200. Or due to the rise, the crypto market cap increased by 1.54 trillion dollars. The high point of 2023 has been decided. The possibility of an interest rate cut by the US Federal Reserve in 2024 and the final approval of the Bitcoin ETF are indicating a renewed bullishness in the crypto market, according to experts.
Bitcoin’s rise began about two months ago after CoinTelegraph published false reports that the Spot Bitcoin ETF was getting recognized in the US. At the beginning of October, the price of Bitcoin was around $28,175. The current increase represents the highest peak in a year for Bitcoin itself. Experts have said that the cryptocurrency has increased by an impressive 140% since the beginning of the year. (Cryptocurrency Bitcoin)
The research team of crypto firm CoinDCX said that its market share has increased with the rise of Bitcoin. Due to which the performance of other cryptocurrencies is affected. If there is some stability in the price of Bitcoin and its share decreases, there is a possibility of the price of other cryptocurrencies increasing. CoinSwitch’s Markets Desk said, ‘The popular meme coin Dogecoin has broken its resistance level of $0.087. Experts are of the opinion that cryptocurrency can become popular again just by mentioning Tesla’s Cybertruck.
However, there is a huge amount of investment waiting for the ETF to be approved and there is a hint that if the regulator fails again, it could lead to a significant decline in its value. Meanwhile, the prices of Ether, BNB and ADA or cryptocurrencies have increased by 2-3 percent. The level of XRP behaved flat. Bitcoin, the largest cryptocurrency by market value, would have hit $68,000 two years ago. This is the high point of Bitcoin. (Cryptocurrency Bitcoin)
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