The bitcoin rate has almost reached $25,000, the highest since August last year. As follows from the data of the crypto exchange crypto exchange CoinDesk, the cost of bitcoin was $24,582. Over the past day, Bitcoin has risen in price by 11.5%.
Most major banks and investment managers expect the cryptocurrency market to pick up again this year after a tough 2022, when bitcoin fell about 75% from its all-time high last November.
“Momentum in crypto is likely to cause speculators to close out bear bets, further pushing the upside. People forget that bitcoin free float can be limited and when short positions are reduced, the price just surges,” said Sisi Lu, founder Venn Link Partners, blockchain advisor.
The threat of a global recession and the worst inflation in 40 years have thrown chaos into the cryptocurrency market in 2022. The so-called crypto winter has forced once-prosperous firms to file for bankruptcy and investors to sell off crypto assets.
The price of bitcoin rose by almost 40% in January.