Bitcoin enthusiasts have a reason to celebrate today as the cryptocurrency king, Bitcoin, soared past the $30,000 mark for the first time since June 2022. The crypto market is buzzing with excitement as investors and traders watch this significant milestone unfold.
At around 1:50 a.m. UTC on April 11, Bitcoin broke the $30,000 barrier and has since climbed to trade at approximately $30,106. This represents an impressive 6.72% increase in just 24 hours, and a return on investment (ROI) of +36.82% in the past month and +82.47% year-to-date.
What’s driving this surge? Richard Mico, the U.S. CEO and Chief Legal Officer of Vancouver-based FinTech firm Banxa, points to expectations of an economic slowdown, leading to a more relaxed monetary policy from the Federal Reserve throughout 2023. The bond market, Mico says, backs up this claim, and he predicts that Bitcoin will continue to be the best-performing asset of 2023.
The entire cryptocurrency market is riding this wave of optimism, with all non-stablecoin cryptocurrencies in the top 20 currently experiencing gains. Ethereum, XRP, Cardano, and Solana have seen increases of 3.22%, 2.46%, 3.85%, and 6.86%, respectively.
Samson Mow, a crypto industry veteran and the Chief Architect of El Salvador’s Volcano Bitcoin Bond, expressed confidence in Bitcoin’s resilience on Twitter, stating, “They threw everything they had at #Bitcoin and then we just went right back to $30k. Can’t stop the inevitable.” With Bitcoin’s remarkable comeback, many are left wondering if the crypto bull run is truly back.