Bitcoin breaks year-long stagnation, surges past $30K mark, affecting the overall crypto market, coinciding with investors awaiting key inflation data
Many investors had labelled Bitcoin, the largest crypto by market Cap, as “boring.” However, on April 11, 2023, Bitcoin broke through the $30,000 price level for the first time since June 2022.
The king of coins recorded a surge of 6.4% over the past 24 hours and 8.2% over the past week.
At the time of reporting, data from CoinGecko shows Bitcoin’s price was at $30,092.35 with a market cap of $582.3 billion.
Bitcoin’s surge has consecutively affected the crypto market prices. Over the past 24 hours, the global market cap of cryptocurrencies rose by more than 4%, reaching $1.24 trillion. Furthermore, the total trading volume of the crypto market reached $47.26 billion.
Also read; 7-Year-Old BTC-e Wallet Revived as 10,000 BTC Transferred
Bitcoin affects overall crypto market prices
With the failure of the three major banks involved in the crypto space, the markets have experienced a wild ride over the past month.
On March 3, Silvergate Bank, a financial institution heavily involved in the cryptocurrency industry, shut down its crypto payments platform and later declared liquidation on March 8. Shortly after, Silicon Valley Bank, a startup lender, revealed its inability to meet obligations. On March 12, federal regulators closed down Signature Bank.
During the week of March 6 to March 10, BTC experienced a decline of over 10%. However, when the U.S. government announced its plans to cover the debts of Silicon Valley Bank and Signature Bank over the following weekend, consumer confidence surged. This caused Bitcoin’s price to increase by more than 15% within 24 hours, and presently, BTC has risen by 46.6% since March 14.
Ethereum (ETH), the second-largest cryptocurrency, also experienced a gain of 3.0% over the past day. ETH was trading at $1,915.64 with a market cap of $230.7 billion.
Solana (SOL) also had its highest gains, rising 9.66% over the past day to $23.42.
BNB (BNB), Cardano (ADA), and XRP (XRP) prices also increased by 4% or more over the past 24 hours. BNB rose by 5.5% to $329.49, XRP’s price increased by 2.5% to $0.52, and Cardano’s price rose by 4.32% to $0.41. Dogecoin (DOGE) and Polygon (MATIC) saw minor gains of 1.65% and 2.66%, respectively, over the past day.
The rise in crypto prices is occurring at a time when investors are awaiting key inflation data, which is expected to be released later this week. Traders are hoping for a pause in Fed interest rate hikes, which could further boost crypto prices.
