Bitcoin, the world’s largest cryptocurrency, has climbed 7% to cross the key psychological level of $30,000 for the first time in 10 months.
This rise has made investors happier and raises hopes for a crypto market recovery.
According to Coin Metrics, Bitcoin rose 7% to $30,193.25 on Monday evening, making it the first time since June that the cryptocurrency had crossed the $30,000 threshold.
A check by News About Nigeria showed that Ether, the second largest cryptocurrency, also advanced more than 3.5% to $1,925.11 for the first time since August as investors awaited the Ethereum network’s latest tech upgrade, scheduled for Wednesday.
The recent rally in cryptocurrencies has been encouraging for investors who have witnessed a bloodbath year in 2022. The rise in Bitcoin’s price on Monday night brings its year-to-date gains to more than 80%, while Ether has added 60% this year to date.
Even Dogecoin, Elon Musk’s favourite cryptocurrency, has seen a rise of nearly 20% this year to date.
Investors are optimistic that the U.S. central bank, the Federal Reserve, will soon end its aggressive monetary tightening campaign, which has raised bets on Bitcoin’s price.
Bitcoin peaked at $30,438 in Asian trade and was last 2% higher at $30,262 today morning, as per Reuters. Bitcoin has gained about 6% since the start of the month, after rising 23% in March.
However, despite the recent gains, Bitcoin will need about a 300% jump to recover from the fall it has seen since its all-time high of $68,000 in November 2021.
The surge in Ether’s price is due to a major revamp of the Ethereum blockchain that is set to allow investors to gain access to more than $33 billion of Ether currency.
The recent jump in Bitcoin’s price comes after Friday’s closely-watched U.S. nonfarm payrolls report, which showed employers maintained a strong pace of hiring in March, pointing to a still-resilient economy.