Bitcoin, the largest cryptocurrency by market cap, has surged past $30,000 and is up over 7% in the past 24 hours. This impressive growth is also impacting the rest of the digital asset market. According to CoinGecko data, Bitcoin is currently trading at $30,327, marking a 9% increase in the past seven days. The last time Bitcoin reached these levels was almost 10 months ago, on June 9 of last year. Meanwhile, the second-largest digital asset, Ethereum, is trading at $1,933, reflecting a 4.3% 24-hour increase.
While Dogecoin, the eighth biggest digital asset that surged in value last week thanks to Elon Musk’s tweets, is up modestly by 2.8% in the past day, trading at $0.085. Among the top 20 biggest digital assets, Bitcoin is by far performing the best, potentially because traders are anticipating Federal Reserve Chairman Jerome Powell to slow down the interest rate hike, thereby making “risky” assets like Bitcoin more attractive.
Moreover, some market observers suggest that Bitcoin’s growing appeal stems from the safe haven narrative. During a period of financial uncertainty, assets like Bitcoin and gold are often viewed as a safe bet when a recession is looming. Bitcoin’s value was initially lagging at the beginning of the year when it was priced at $16,615 per coin. However, it has made an impressive comeback and is now up over 80%, despite regulatory challenges in the crypto industry and investor aversion to risk assets.
Nonetheless, Bitcoin still has a long way to go before it can surpass its all-time high of $69,044 in November 2021.