Bitcoin is fast closing in on $30,000.
The largest cryptocurrency is up 3.6% in 24 hours—and it’s bringing the rest of the digital asset market with it.
CoinGecko data shows that the largest cryptocurrency by market cap is trading for $29,161 as of this writing, up over 3.2% in seven days.
The last time Bitcoin hit these levels was back in June of last year—10 months ago.
Ethereum, the second largest digital asset, is trading hands for $1,887, a 1.7% 24-hour bump.
While Dogecoin, the eighth biggest digital asset that last week jumped in value off the back of Elon Musk Twitter whims, is up modestly by 0.8% in the past day, trading hands for $0.084.
Bitcoin is by far doing the best out of the top 20 biggest digital assets. This may be in part because traders are expecting Federal Reserve Chairman Jerome Powell to slow the rate of interest rates due to the banking crisis, in turn make “risky” assets like Bitcoin more appealing.
Others are pushing the safe haven narrative: with current financial uncertainty, assets like Bitcoin and gold remain a safe bet when a recession is (still) apparently looming.
Bitcoin was lagging at the start of the year when it was worth $16,615 per coin. It has made a comeback, and is now up over 80%—despite seemingly endless regulatory woes for the crypto industry and an investor allergy to risk assets.
But the asset still has a long way to go before it hits its November 2021 all-time high of $69,044.