The leading digital currency has surged 6.29% in the past 24 hours to reach $30,160 as of 2300 IST on Coinmarketcap. While it has risen by 72.62% in the last 90 days, it remains down by 23.82% year to date.
Bitcoin’s price spent several weeks consolidating around the $28,000 mark before recently breaking through, continuing its bull run that began at the start of the New Year.
“It’s a big positive for serious Indian crypto investors who are in it for the long haul,” said Vishal Gupta, a Noida-based crypto investor and influencer.Bitcoin dominates the cryptocurrency market with a $581.9 billion market cap.
Experts say that 2023 has been a good year for Bitcoin, and the latest surge to $30,000 is a clear indication of its growing mainstream adoption and investor confidence.
“As we witness this digital asset’s ascent, it is important to remember the underlying technology powering it and the potential it holds to reshape our financial future. The potential of VDAs to revolutionise traditional systems is becoming more apparent with each passing day,” said Sumit Gupta, CEO and founder of Coindcx.The BTC trading volume globally in the last 24 hours stood at $24.16 billion.
‘High-Quality Asset’
Gaurav Dahake, founder, BNS, said: “The rally underscores the growing recognition of bitcoin as a high-quality asset class, akin to gold and silver, particularly during discussions of recession and an uncertain global macroeconomic climate. Investors increasingly perceive Bitcoin as a viable alternative. We anticipate this rally to persist for a few more quarters and remain confident that Bitcoin will surpass the $50,000 milestone within the next six months.”
According to experts, the recent rise in Bitcoin’s price is closely linked to expectations of an economic slowdown and subsequent monetary policy loosening by the US Federal Reserve. The anticipation of these economic factors has sparked renewed interest in cryptocurrencies as investors seek alternative assets that may offer greater potential returns.
Shivam Thakral, CEO of BuyUcoin, India’s second-longest running digital asset exchange, said as Bitcoin’s price inched up, some investors might liquidate their positions to book profits, which may result in a healthy pullback.
In terms of volume distribution by market pair (24 hours) at leading crypto exchange Wazir X, BTC/INR pair comprised 27.6% of total volume and BTC/USDT was 31.6% at Coindcx, as per Coingecko.
According to analysts, the recent rise in Bitcoin is a clear indication of the growing interest in decentralised finance, particularly in the context of the current banking crisis.
“The latest Bitcoin rally is expected to uplift the sentiments of the crypto community across the globe, and the Ethereum Shanghai upgrade, which is scheduled to go live tomorrow, is adding to the euphoria around digital assets. As we approach the Bitcoin halving, which is due in May 2024, we can expect the BTC price to rise further,” said Om Malviya, President, Tezos India, a blockchain adoption entity.
