On Monday, Bitcoin, the most valuable cryptocurrency by market capitalization, passed US$47,000 for the first time since January. Bitcoin has been trading at less than US$45,000 since the start of the year but recently broke through that barrier at $46,971 as of press time.,
Bitcoin finally breaks $47,000 barrier
Bitcoin has seen a significant price increase over the last 24 hours. The worldwide crypto market capitalization fluctuated around US$2.2 trillion, because the majority of the top 50 cryptocurrencies mirrored Bitcoin’s price movements.
City Index senior market analyst for APAC told Forkast that:
“We can look towards the fact that stocks have been trading very, very well. They have been supported despite concerns around the war in Ukraine and, of course, the Federal Reserve tightening. We do need to be mindful that cryptocurrencies have been trading like a risk asset”
Do Kwon, the creator of Terra cryptocurrency, has recently come out in support of Bitcoin. He wants to accumulate $10 billion in Bitcoin as reserves for his stablecoin ecosystem.
Bitcoin has been traded under $47,000 since the start of the year but on Monday the most popular crypto broke that barrier and it is currently valued at $46,971 at the time of writing.