- Bitcoin (BTC) has made its way to $24,000 after 8 months.
- One specific reason for the BTC hike is Ordinal NFT.
Bitcoin (BTC), the genesis and leading asset in the cryptocurrency market has made its way to $24,000.The last record made on the $24k limit was on June 2022. And the whole crypto market takes it as an indication of the bull run.
This price is also the new high in the present year 2023. BTC gained the spike, from $23k to $24k within a few hours. The percentage of the rise is 16.7% in a month, 7.7% in a week, and 11.8% in the last 24 hours. It is a known fact that BTC holds the maximum dominance in the crypto market. In the $1 trillion crypto market, BTC occupies 40.8%, in numbers, it takes over $476 billion.
Bitcoin in Bull Run?
Many reasons are pointed out for the surge in cryptocurrency prices. And one specific reason for the BTC hike is Ordinal NFT. The new method of NFT minting over the BTC blockchain has boosted the token. The impact is also noticed in the block size, blocks have made it into the 2.2 MB limit.
Another reason is the trust people have cumulated in the BTC coin. With the SEC’s impulsive actions over other cryptos and exchanges, BTC is taken to be the safer choice. As, the SEC chair, Gary believes Bitcoin is not a security.
Ethereum, the second largest crypto is currently in a to-and-fro motion. The price is speculating day by day. Whereas, the memecoins are at their peak post the tweet from Elon Musk about the new Twitter CEO. The tweet has gathered the attention of some well-known meme cryptos like Dogecoin, Shiba Inu, and the FLOKI.
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Source: https://thenewscrypto.com/bitcoin-btc-reaches-24k-range-signaling-for-bull/