When talking about cryptocurrency, it often starts with Bitcoin. As the first form of crypto, and the current market cap leader, much of the attention in the crypto world is focused on it. Many track the price of Bitcoin on an hourly basis, following along with the highs and lows that have dotted the history of the revolutionary technology.
For active and day traders, tracking the current BTC price is a must. Savvy investors can take advantage of market conditions and knowing the trends can be a major advantage. Let’s take a look at Bitcoin, how it has been performing, and what we might come to expect in the near future.
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What is Bitcoin?
It helps to know what Bitcoin is. Bitcoin is without a doubt the single most popular cryptocurrency available on the market. It was introduced in 2009 by its creator, Satoshi Nakamoto. Of course, no one has met Nakamoto, so it may be an alias for a single person or multiple people. The idea was to create a secure, anonymous banking system using the revolutionary blockchain technology.
Bitcoin has also paved the way for several of the most popular altcoins like Ethereum, Tether, USD Coin, Solana, and more. Unlike digital money, there is no physical token available for BTC. All transactions are anonymous yet fully transparent and are not censored. Even better, money can be sent across the globe quickly and easily. The system itself is backed by a few thousand computers around the world rather than a central bank or government.
BTC Soars
As of today, the price of Bitcoin continues to climb. Many have set a barrier of $30,000 per coin for the crypto juggernaut and it broke that mark for the first time since June 2022. The current price is $30,135.64 USD (as of 4/10/23) and has been aided by numerous factors. That said, it is still quite a bit off from it’s all-time high of better than $64,000 that it managed to hit back in November 2021.
Cryptocurrency in general seems to be up. Ethereum (ETH) is also up. Ethereum is preparing for its next upgrade, the lauded “Shanghai.” Ethereum is up 3%, crossing the $1,900 barrier that it has routinely set in the past.
Why is BTC up?
There are a few important factors to consider when it comes to the recent rise of Bitcoin. While it has not had a severe crash in years and remains far and away the most popular cryptocurrency option available, there are factors at play this week that have helped aid its growth.
For starters, interest rates are the highest they have been since 2007. Federal interest rate hikes, in addition to growth in stocks and strength in tech, have helped get Bitcoin back over that important $30,000 milestone.
There is also an overall market optimism coupled with numerous short positions being liquidated. Bitcoin saw a rise of 6% in just a 24-hour window.
Will it continue?
The obvious question is whether this is a sign of growth to come or what is known as a “dead cat bounce” where prices are temporarily rebounding amid what is really a long-term negative trend. Even in the best of times, predicting digital assets in the long-term has proven to be virtually impossible.
While things are positive in the Bitcoin world today, things can change literally overnight as the not-too-distant past has shown. The current Fed relationship with interest rates, geopolitical climate, and other economic indicators put cryptocurrency, in general, in an unprecedented territory. What we are left with is a wave on which many should ride with serious caution and an eye toward the marketplace.
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