Bitcoin is on the rise once again, rising more than 20 percent last week and approaching its all-time high.
The world’s leading cryptocurrency, which reached over $63,000 on Thursday, is now less than $6,000 away from the record price it reached in November 2021.
Other leading cryptocurrencies, including Ethereum (ETH), Cardano (ADA), Solana (SOL), and Dogecoin (DOGE), have also made huge gains in recent days, pushing the value of the overall crypto market to over $2.3 trillion.
While some market analysts are predicting that a new record is imminent for the world’s leading cryptocurrency, others are warning that a significant correction could follow the recent price increase.
You can follow the latest news, analysis and expert price predictions in our live coverage of the crypto market below.
Bitcoin price live: Crypto market up 4%
15:41 , Anthony Cuthbertson
With Bitcoin on the rise, other leading cryptocurrencies are also following suit. The total market cap of all cryptocurrencies listed on CoinMarketCap is now over $2.3 trillion, up 4 percent in the last 24 hours. As recently as September, this figure was 1 trillion dollars.
While all 10 most valuable cryptocurrencies were on the rise last week, dogecoin continues to lead with gains of more than 50 percent. Here’s a current snapshot of the crypto market, courtesy of CoinMarketCap:
Live Bitcoin price: Crypto close to surpassing silver
13:06 , Anthony Cuthbertson
Bitcoin’s recent price rally has seen its market cap rise above $1.23 trillion, which puts Bitcoin on par with Facebook-owned Meta and comes close to surpassing silver.
The cryptocurrency’s limited supply is often compared to gold, and some argue it can serve as an alternative safe-haven asset in times of economic uncertainty. That’s why the most ambitious price estimates extend beyond half a million dollars; This corresponds to the market value of gold at 13.7 trillion dollars.
However, one of the key differences between the two assets is Bitcoin’s volatility. Until this situation improves, Bitcoin is unlikely to be viewed as a store of value by non-crypto advocates.
Live Bitcoin price: Positive predictions ahead of halving
11:41 , Anthony Cuthbertson
Another reason for such a vibrant market right now is that Bitcoin halving is approaching, which will see the rewards from mining the cryptocurrency halved.
The Bitcoin halving, which occurs approximately every four years, has been used by some crypto analysts to explain the four-year price cycles the cryptocurrency has experienced throughout its 15-year history. One of the most vocal proponents of this theory is Dutch analyst PlanB, who has gained millions of followers in recent years with his Stock-to-Flow (S2F) model.
While his predictions were overly optimistic, some have cited the recent price increase as evidence that Bitcoin is following this trend. It’s worth noting that PlanB also warns that a ‘black swan’ event, such as a global economic crisis or a cryptocurrency exchange crash, could derail its model.
You can find more information about the Bitcoin halving, which is scheduled to take place on April 19, in our explainer here:
What is Bitcoin ‘halving’ and will it trigger a new price record?
Bitcoin price live: What’s driving the cryptocurrency’s resurgence?
11:04 , Anthony Cuthbertson
Bitcoin is trading above $62,000 this morning, marking its highest price since November 2021. It is now less than $7,000 away from the all-time high it reached that month before a sudden correction. So how did we get back here?
There are several reasons behind Bitcoin’s recovery, including broader economic factors and the increase in ways people are investing in cryptocurrency. But one of the main drivers of the recent rally has been the first approval of a spot exchange-traded fund (ETF) in the US, which has brought billions of dollars of institutional investment to the market.
“Unlike bull markets of the past, there is little to no speculative excitement from retail investors,” said Alex Adelman, founder of crypto app Lolli. Independent This week. “Instead, the momentum is underpinned by a more mature and calculated approach to Bitcoin and an understanding of Bitcoin’s power from the world’s largest institutional players… Once Bitcoin breaks its all-time high, we will see an additional wave of interest in Bitcoin. retail investors.”
You can find more information about this here:
Is Bitcoin back? Price suddenly rises as investors flock to crypto
Hello and welcome…
10:36 , Anthony Cuthbertson
with IndependentLive broadcast of the crypto market. Bitcoin is up more than 20 percent in the past week and is now very close to its all-time high.
Ethereum (ETH), Solana (SOL), Cardano (ADA), and other major cryptocurrencies also made significant gains, but the biggest price increase actually came from the meme-inspired token dogecoin. last seven days.
We’ll be bringing you the latest news, analysis and expert price predictions throughout the day to help explain why and see what might happen next.