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For the first time after ages, the trading price of Bitcoin (BTC) has witnessed a massive push. Due to the strong push, the trading price of Bitcoin has continued surging.
The day started for the largest cryptocurrency at a low trading price of $21,500. The investors had not expected that it would be a big day for the investors and the analysts.
Bitcoin Price Surged to $25,000
The investors had thought that it would be one of the typical trading days for Bitcoin but the situation changed very soon.
This happened as the trading price of Bitcoin rose to a several-month high price for the first time in ages.
Prior to the strong push, Bitcoin’s trading price was at a low of $21,500. However, as the rallies kicked in, the trading price of BTC continued surging and soon, the price of Bitcoin was at a high of $25,000.
According to the exact market statistics, the trading price of Bitcoin managed to make it close to the $25k mark. This was a six-month high figure that the trading price of Bitcoin managed to hit in a single day.
Several altcoins followed the same track as Bitcoin as they also recorded huge gains. As per the market statistics, many altcoins recorded double-digit gains in the same trading session as Bitcoin.
The most notable gains recorded by the tokens were NEAR, APT, FTM, and OKB. These cryptocurrencies led the way for the rest of the cryptocurrencies in the market.
Bitcoin Came Close to Hitting $25k
Despite having a blast from the beginning of January 2023, Bitcoin price recorded a decline in its strength in February.
The trading price of Bitcoin kept witnessing a downtrend and even the past few days were a negative journey for the asset.
During the downtrend period, the value of Bitcoin traveled downstream from $24,000 to a low of $21,500. This happened because the regulatory authorities increased their pressure on the crypto industry in the past week.
Even the CPI data released by the US Government for the country’s inflation was not supportive of cryptocurrencies.
Above all, it was the regulatory action taken by the US SEC against the Kraken exchange that led to the overall crypto market’s demise.
Turns out, the demise was not long-term as the industry soon started to recover and as of now, the trading price of BTC is close to hitting $25k.
Due to the strong market sentiments, the trading price of Bitcoin has been pushed all the way up to a high of $24,900. This is the highest trading level Bitcoin has hit since August 15.
The analysis data shows that in the past 24-hours, the trading price of BTC has surged by 11%.
Following the push in the asset’s trading price, analysts and investment gurus have started coming up with their own predictions.
Even Mike Novogratz has made predictions about the trading price of Bitcoin. As per his prediction, Bitcoin will have hit a high of $30,000 by the end of March 2023.
The market capitalization of Bitcoin has also surged due to the recent push registered by the asset. The data shows that the market valuation of Bitcoin has been pushed up to $475 billion.
This means that in a matter of a day, the market valuation of the asset has surged by more than 1%. If the rally keeps at it, the valuation of Bitcoin may soon hit half a trillion mark.
Gains Recorded by Altcoins
Altcoins such as Ethereum (ETH) and Binance Coin (BNB) have also recorded strong gains alongside BTC. As of now, the trading price of ETH has surged to a high of $1,700 after experiencing a 9% surge in the past 24-hours.
Prior to the surge, the trading price of ETH was at a low of $1,500 while the value of BNB also recorded an 8% surge in the past 24-hours.
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