Earlier today, experts were worried that the pressure on Bitcoin to match up with the price hikes of gold could make Bitcoin volatile again.
But just a few days after all these concerns, Bitcoin has shown a remarkable price hike of 9%. Although the cryptocurrency market has been bullish since the start of the new year, investors were not happy with the steady start of Bitcoin.
The price of Bitcoin was bullish, and the world’s most expensive cryptocurrency stood at $16,930. Bitcoin, just in 24 hours, has jumped big. As of this writing, the price of Bitcoin has touched the $16,728 mark.
Similar is the case with Ether (ETH), the world’s second most valuable cryptocurrency was also bullish, and its price increased by 1%. At this very moment, the price of ETH is $1,229.
Experts say the recent market rally has occurred due to the strong market performance. Cryptocurrencies have performed exceptionally well during the Asian trading session. The overmarket volume today also increased by 2%.
The data collected from CoinMarketCap showed that the value of the current crypto market cap is slightly below the $ 1 trillion mark.
The market cap over the past 24 hours has just gone slightly up and is valued at around $844 billion.
Cryptocurrency Experts Are Predicting Further Bullish Outcome
Market experts have already stated that this bullish trend will last longer, so further price hikes are expected soon.
However, experts have also argued that to go further high, Bitcoin must maintain its current price level.
Talk of the cryptocurrencies Altcoins are going big; Solana (SOL), another renowned cryptocurrency, surged by 20%.
The price surge of Solana (SOL) is overall positive behavior around the Solana blockchain exchange.
It is also worth mentioning that Solana (SOL) is also amongst the top decentralized cryptocurrency exchanges in terms of the adoption of new crypto tokens. That is what sets Solana (SOL) apart from the market competition as of this very moment.
Moreover, the recent price hike of Bitcoin resulted from the news that Bitcoin miners’ mining difficulties have been eased by 3.6%.
Back in 2022, life was extremely hard for Bitcoin (BTC) miners, the overall hash rate also decreased, and the mining profit was cut down.
However, with the start of the new year, crypto mining and crypto trading has become more lucrative for the crypto community.
Cryptocurrency is On Its Way to Recovery After One of the Worst Years
Cryptocurrencies have started 2023 on a high note as the market searches for upward momentum. With the passage of every day, bulls are getting stronger and stronger.
Even though major economic issues such as recession talks, high inflation rates, and interest rate price hikes are constantly making news, the cryptocurrency market is further searching for a bullish run.
Bitcoin and Ether (ETH) have done tremendously well and given investors the returns they were looking for. Two of the most valuable cryptocurrencies stay in the green range.
Moreover, Dogecoin, Shiba Inu, and Cardano (ADA) are also rising. Recently the CEO of Ripple also discussed the platform’s possible victory against the U.S security and exchange commission and added that XRP would soon surge.
The market situation is ideal for cryptocurrency investors. If a similar pattern is held for the coming days, the prices of all the cryptocurrencies will soon jump further.
Investors hope that positive functions will occur as they look to avoid the financial difficulties, they face in 2022.
Markets experts have also argued that even though Bitcoin and Ether (ETH) have been doing well since the start of 2023, investing in upcoming altcoins is a risk-free investment.
Most of the upcoming altcoins are priced below the $1 mark, which is easily affordable, and the fluctuations in their prices are minimal. This means sustained gains are very much on the cards once you have added these tokens to your portfolio.