The latest market changes in the realm of cryptocurrencies have generated a lot of interest. The leading digital currency, Bitcoin, has surged 17% in just five days, surpassing the $44,000 mark. Following Bitcoin (BTC) reaching $45,000 on Coinbase for the first time since April 2022, cryptocurrency prices continued to rise on Wednesday.
Market Participation and Activity
A year after hitting an all-time high of about $69,000, Bitcoin (BTC) fell as low as $16,000 in November 2022 with the bankruptcy of cryptocurrency exchange FTX.
According to CoinGecko data, the asset’s price was $43,780 at 4 p.m. ET on Wednesday, up 25% over the previous 30 days and 16% over the previous seven days.
The recent spike in the price of bitcoin has been attributed by analysts to a number of causes, including excitement for the licensing of spot bitcoin ETFs, Binance’s settlement with the US authorities, and reducing inflation.
The current consensus among analysts is that the Bitcoin rise is overbought and poised for a correction, and that a new all-time high won’t be reached until after the halving in April 2024. However, according to the most recent Research analysis, this cycle’s push to a new all-time high will be “much quicker.”
The volatility of bitcoin prices makes them famously hard to forecast, particularly when they extend across weeks or months. However, momentum appears to be positive for 2024, and there is some indication that the bitcoin rise from 2023 may still have legs.
Large Bitcoin holders are also observed removing their currency from exchanges. They appear to be long-term-oriented and have faith in the potential of cryptocurrency.
And the curiosity isn’t limited to cryptocurrency enthusiasts. New heights have been reached in Google searches for “crypto,” indicating increased interest in the term among those outside the crypto community.
Are We Really in a New Bull Market?
The recent steady increases in Bitcoin‘s price, along with a flurry of trading activity, the confidence of large investors in the market’s future, and the growing attention of non-cryptocurrency enthusiasts, all point to the early stages of a bull market. However, we should pay special attention to market liquidity and pricing depth in order to be absolutely certain that we are about to start a new bull market.
Cautious Optimism in the Crypto Market
In conclusion, important players and those with a lot of money are long-term crypto bulls. Additionally, more people outside the typical crypto community are becoming interested in the market.
Although things are starting to heat up, the trade volume and TVL of the 2021 bull run are still far off. Therefore, it appears that we are nearing the end of a bear market and are just beginning to transition into a bull market rather than being in full bull market mode yet.
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