Bitcoin price soars above $ 23 thousand amid market hype

5 COINS TO 5 MILLION – TOP ALTCOINS TO HOLD FOR THE NEXT WEEKS

Bitcoin price soars above $ 23 thousand amid market hype

The bitcoin rate continues to move up, raising the bar of the historical maximum, having already raised it above $ 23 thousand. The rapid growth of the cryptocurrency was facilitated by several factors at once, which led to high demand.

The current wave of growth began yesterday afternoon and by the evening the price of MTC overcame the important psychological mark of $ 20 thousand. However, the bulls did not stop there and, after a short break, continued to storm new heights. At time of publication, Bitcoin is trading at $ 23,074 with a daily gain of 16.92%.

According to analysts, the main growth factor was the high interest in the market from institutional investors who began to actively buy cryptocurrency. as a hedge against inflation. Increased demand helped traders overcome strong resistance at the previous high and move forward successfully..

An additional boost was the announcement by the Chicago Mercantile Exchange (CME) of the launch of Ether futures on February 8, 2021. Although this is the news is indirectly related to bitcoin, it had an overall positive impact on the crypto market, attracting the attention of investors to digital assets.

The the factor can also contribute to a significant increase in the exchange rate of the ETH in the near future. Over the past 24 hours, Ether has gained 10.4% and is trading at $ 646 at the time of publication.

text: Ivan Malichenko, photo: Shutterstock, chart: TradingView