On Thursday, the cryptocurrency market had a major upward surge, helping the weekend get off to a good start. A 100% increase in trade volume helped the global crypto market valuation rise by more than 3%. In spite of expectations for a recovery in the upcoming weeks, Bitcoin and Ethereum ultimately continued their week-long bullish run and even made it a little better. Here are the main causes behind the cryptocurrency market's remarkable turnarounds.
The price of Bitcoin (BTC) momentarily recovered the 24,000 mark on Wednesday night after several days of extreme volatility, soaring to levels last seen during its 2022 highs. However, despite falling to $23,800 on Thursday, statistics from CoinGecko reveal that the largest cryptocurrency is up 3.6% for the day and as high as 42% for the past 30 days.
The largest cryptocurrency in the world soared when the Federal Reserve increased interest rates by 4.5% to 4.75% and 25 basis points. It also comes after the positive month of January, when Bitcoin's value increased by about 40%, marking the greatest outcome since 2013. Due to a number of changes in the cryptocurrency industry, including an increase in institutional investors and improvements in crypto regulation, Bitcoin has become more and more popular.
Related Topics: #PR