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The cryptocurrency market continued to rise on Tuesday. Bitcoin, the largest digital currency by market cap, climbed to a good $30,400 in early trading on the Bitstamp trading platform. It cost more than $30,000 for the first time since June last year.
Thus, Bitcoin continued to build on the gains it had made over the Easter weekend and year-to-date. Since the intermediate low in the fall of 2022, price growth is now over 90 percent. It’s been 30 percent since the start of the year.
One trader said that Bitcoin’s strength contrasts with the broad weakness in many other risky assets. Apparently, many crypto buyers are betting that the US dollar will gradually lose some of its preferred reserve currency status and cryptocurrencies will be among the beneficiaries.
The market cap of nearly 23,000 cybercurrencies rose nearly four percent to $1.24 trillion on Tuesday, according to a listing by CoinMarketCap. In November 2022 that figure was sometimes below $800 billion. (SDA/kae)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
