The value of the main digital coin increased by 2.1% on Monday, closing at $38,500.
The long-awaited return of the flagship of the cryptocurrency market to growth was eagerly adopted by the leading altcoins. So, during the day, the cost of Ethereum jumped by 4.3%, the price of XRP increased by 0.5%, and the virtual asset Terra gained 9.2%.
According to the world's largest aggregator of data on virtual assets CoinGecko, the total capitalization of the crypto market increased by 2.8% in 24 hours to $1.83 trillion.
At the time of writing, the bitcoin price is balancing at $38,779 and continues to increase permanently.
The main reason for the positive dynamics of bitcoin, market analysts call the spectacular rise of the leading US stock indexes and the weakening of the US dollar.
So, on the eve of the S&P 500 broad market index reached ten-day highs, but as a result it sank by 5.3% in January, which was the worst indicator of the stock indicator since the spring of 2020.
The key Nasdaq index suffered even more significant losses in the past month, falling by 9%. By the way, recently crypto experts emphasize the high correlation of the BTC with this stock indicator.
At the same time, the main cryptocurrency itself decreased by more than 17% in January. The negative dynamics of bitcoin has been recorded for the third consecutive month.
Traditionally, February is considered a good month for digital gold. So, since 2010, in February, bitcoin has increased in price in eight cases, and decreased in only three. At the same time, the average increase in the coin was 31%. If in the coming month, the military-technical cooperation will support the historically established tradition, then by the beginning of March it may cost about $50,000.
Optimistic crypto enthusiasts also predict a steady growth of the cryptocurrency in the near future. The main thing for bitcoin now, they say, is to settle above the $39,000 mark and break the trend.
So, according to a survey of the KuCoin cryptocurrency exchange, more than 50% of investors are confident in the growth of the BTC to the $50,000 mark in February. At the same time, many traders consider the fall of the first cryptocurrency in the past month not critical, but relieved the virtual asset market of weak players. Ahead, they believe, is the time of investors focused on the long-term retention of cryptocurrencies, who will only support the positive attitude of the coin.
In addition, in February, the cryptocurrency market expects several important events that can also significantly affect its dynamics.
So, on February 1, the celebration of the New Year begins in China. Despite the fact that China has been affecting the virtual asset market much less recently than before, the departure of many large crypto investors for the weekend can significantly affect its overall dynamics.
In February, the US authorities plan to adopt an algorithm for regulating the virtual asset market. In the event of increased control over the crypto industry by the White House, the digital coin market may begin to decline.
And finally, it is important not to forget about the prospect of resuming the acceptance of bitcoin by the largest American corporation Tesla, in which case the cost of the military-technical complex can confidently jump.
