Bitcoin Is Still At It’s Year-To-Date High And Is Mostly Trading Sideways.
Bitcoin maintained steady on Tuesday, barely below the year’s high reached the day before, even though the original cryptocurrency has gained more than 27 per cent in value since Russia invaded Ukraine in 2014.
Bitcoin reached a high of $48,234 on Monday evening, the highest level since December 31. It was recently trading at $47,553, up 0.9 per cent from its previous close.
Because of bitcoin’s advances, smaller cryptocurrencies that tend to move in line with bitcoin saw their prices rise. For example, ether, the second most valuable cryptocurrency, reached $3,436 on Monday, its highest price since early January.
According to market participants, participants in the market pointed to indicators of a fresh wave of acceptance of cryptocurrency by institutional investors and financial organisations, which has propelled the cryptocurrency’s transition from a niche technology to a mainstream asset during the last two years.
Bitcoin has gained more than 12 per cent in value in only the past week.
Supportive remarks included those made by BlackRock Inc.’s top executive, who said last week that the Russia-Ukraine conflict might speed up the use of digital currencies as a means of settling international transactions.
According to Noelle Acheson, director of market analytics at U.S. crypto firm Genesis put it, such moves signal a “growing conviction that the crypto markets are worth devoting more resources to.”
Even though bitcoin and other cryptocurrencies are now discussed in the same breath as conventional assets such as equities, foreign currency, and bonds, the price of bitcoin and other cryptocurrencies remains as unpredictable as ever.
Bitcoin reached an all-time high of $69,000 in November before plummeting over 30 per cent in only 24 hours, according to Coindesk.