Bitcoin has hit $30,000 for the first time since last June and has set a new price high for 2023.
- Bitcoin has rallied above the $30,000 level for the first time since June 2022.
- The gains are driven by expectations the Fed could scale back its rate hikes, an analyst said.
- Bitcoin is up about 80% this year so far while ether is up about 60% in the same period.
Bitcoin has hit price highs not seen since mid-2022 with the largest crypto by market cap touching $30,000 and setting a new high for 2023.
Bitcoin rallied 6.7% in 24 hours to trade above $30,100 at 1.14 a.m. ET on Tuesday, according to CoinMarketCap. Ether, the second largest crypto by market cap, also rose over 3% in 24 hours to trade over $1,900.
In the last 30 days, BTC recorded gains of nearly 46%, rising to its highest level in ten months on April 11.
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Some analysts predicted that it would regain its $30,000 price tag as traders await the United States Consumer Price Index (CPI) report on April 12, which will give insight into the Federal Reserve’s battle against inflation.
Since last week, the Crypto Fear and Greed Index has remained firmly within the “Greed” territory, with the latest April 11 update showing a score of 68 out of a possible total of 100.
The Crypto Fear and Greed Index aims to numerically present the current “emotions and sentiments” toward Bitcoin and the cryptocurrency market, with the highest score being 100.
The index also hit a score of 68 on March 21, marking its highest level since it recorded a score above 66 on Nov. 16, 2021, just days after Bitcoin’s all-time high of over $69,000 was recorded on Nov. 10, 2021.
Michael Saylor, the founder and executive chairman of business intelligence firm MicroStrategy, has been an outspoken advocate for BTC and has been leading the charge for corporations to adopt cryptocurrency as a strategic asset.
MicroStrategy has added billions worth of Bitcoin to its balance sheet, currently owning 140,000 BTC as of April 5 for a total purchase price of $4.17 billion.
With an average price of roughly $29,803 per coin, the latest price jump means MicroStrategy has made a gain on its investment.
MicroStrategy has been steadily increasing its BTC holdings since its first purchase in August 2020, even with the ongoing crypto bear market.
