Bitcoin has risen to its highest level in a month
The price of Bitcoin is actively rising. It went up to the maximum level of $23.6 thousand in five weeks, as trading data shows.
On Binance, which is the largest crypto exchange by the trade volume, Bitcoin went up by 8.83% to $23.615 thousand yesterday. According to the data of CoinMarketCap, this cryptocurrency surged 7% in the past 24 hours.
Despite the fact that since the beginning of this week, Bitcoin has been showing confident growth, analysts are still confident that the cryptocurrency will stay in a bearish trend for a long time. This trend may be reversed only when the price of Bitcoin will be above $30 000.
Ethereum, Bitcoin’s main competitor, also shows growth and has reached the price of $1.527, gaining 8.12% per day. Over the past week, the price of Ethereum has increased by 20%, and over the past month – by 47%. At the same time, it still remains 71% below its historic highs recorded in November 2021.
An active growth of Ethereum began at the end of last week after one of the developers reported that the Ethereum blockchain could start to use a new Proof-of-Stake algorithm in September. The EHT exchange rate instantly went up by more than 12% to $ 1.300 amid this news.
As for the top 10 cryptocurrencies in terms of capitalization, over the past 24 hours, all of them, except XRP and some stablecoins, have shown a confident upward trend.
The maximum rises in the price were shown by Avalanche (+12.07%), Dogecoin (+5.19%) and Binance Coin (+4.4%).
Some experts warned that a massive sell-off of cryptocurrencies by miners could provoke a big reduction in Bitcoin’s price.
But other analysts believe that the bearish trend in the crypto market will last about 250 days. They consider the current situation in the industry to be a normal process that repeats every few years. Moreover, analysts see a good chance to earn during the current market collapse.
Several crypto exchanges and companies announced staffing cuts amid the recession in the crypto market. But Binance and FTX intend to hire more employees during the crypto winter.