Crypto Market Soared: A Smiley Day For Bitcoin Traders

Despite the US authorities’ tighter regulatory approach on digital assets, the crypto market soared on Thursday. Today’s crypto star, Bitcoin price, climbed to its highest level since mid-August 2022. Major economists believe that the recent Consumer Price Index (CPI) report had little impact on the crypto market surge.

January CPI report showed a tendency in inflation but affected the US stock market. CPI eased to 6.4% from December, slightly higher than the 6.2% consensus estimate. On Tuesday, the Dow and S&P were down by 0.46% and 0.03%, respectively. And the NASDAQ has gained around 16% this year, and Bitcoin surpassed the index this year by up 49%.

At press time, BTC is trading at $24,434, up by 7.24% in the last 24 hours, and the current dominance of Bitcoin is 42.71%, an increase of 0.88% over the day. According to CoinMarketCap, the total market volume over the last 24 hours is $74.66 billion, which makes a 26.15% growth. Crypto-related stocks also went high following Bitcoin miner Marathon Digital Holdings (MARA), and Coinbase (COIN) increased 15% on Thursday.

The second largest cryptocurrency by market capitalization, Ethereum, is currently trading at $1,702, up by 7.50% from the past 24 hours. At press time, the top three gainers are MAGIC, MultiversX (EGLD) and Optimism (OP).

Last week has been a roller coaster ride for crypto investors and traders due to the market volatility; crypto analysts still believe that 2023 Q3 and Q4 will turn out best for BTC. The leading crypto asset Bitcoin showed its best performance recorded up nearly 40% in Jan 2023. Recently Nasdaq has flared up from the bull flag, which is great news for crypto bulls.

Crypto analysts still believe how high this trending digital asset could fly in upcoming years. Recently the Ark Investment CEO, Cathie Wood, shared her BTC prediction. Cathie believes that Bitcoin may reach $1.48 million by the end of 2023. The second largest investment bank, Goldman Sachs, called Bitcoin the “world’s best-performing asset of 2023.”

Yuya Hasegawa, an analyst at Bitcoin Bank, a Japan crypto firm, said on CNBC that “The current regulatory environment surely looks like a headwind for the crypto industry, but it seems like some money is moving from altcoins to Bitcoin, since BTC is the only crypto asset that is labeled ‘commodity’ by the SEC chair. Consequently, BTC market dominance is on the rise.”

Earlier, John Boozman, the United State Senator from Arkansas, commented that bitcoin is a commodity more than cryptocurrency. He said that US federal courts and the Securities and Exchange Commission (SEC) see cryptocurrency as a commodity.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other devices. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing