The first cryptocurrency began with a steady growth of more than 7% on Wednesday morning, at one point, its value reached $23,463.
According to CoinMarketCap, a website for tracking the value of digital assets, over the past day, the lowest price of bitcoin reached $21,683, and the highest was $23,666.
Market experts say the main reason for the dizzying rise in BTC is the general inclination of traders to risk. Thus, following the results of Tuesday's trading session, the main US stock indicators increased by an average of 2.5-3%. At the same time, the leading exchange indicators of the Asia-Pacific region also started Wednesday with a spectacular rise.
However, the real high point of bitcoin came a day earlier when it returned to the $22,000 level for the first time since June 8, due to the fact that many bears stopped pressure on cryptocurrencies. So, the price of BTC approached the $23,000 mark and at the moment exceeded the level of $22,800, which was the highest since June 13. The last time the value of the main crypto asset approached $23,000 during the trading session on June 16th.
Day by day, digital coins are beginning to look like an increasingly attractive asset to investors amid weakening expectations of tightening monetary policy by the US Federal Reserve. Long-term investors have returned to the accumulation of virtual assets, and holders have ceased to get rid of their coins on a large scale.
According to the largest North American market of financial derivatives, CME Group, 64.4% of experts assume that this month the Fed will raise the key rate by only 75 basis points. At the same time, only 35.6% of analysts expect the central bank to raise the discount rate by 100 basis points. Recall that the Fed's next meeting is scheduled for July 26-27.
Analysts have recorded the permanent growth of bitcoin for the third consecutive day. So, since Monday, the cost of bitcoin has jumped by about 14%. Since the beginning of July, the price of the cryptocurrency has grown by 19%, but during the three spring months it fell by more than 25% to $31,800 from $43,170 as of the end of February.
Despite the fact that since the beginning of this week, the main digital asset has shown a steady positive trend, since November last year, when the coin updated its historical record above $69,000, the cryptocurrency has already lost about 70% in price. At the same time, many other virtual assets have plummeted from their historical levels.
Altcoin market
Meanwhile, the main competitor of bitcoin, the altcoin Ethereum, started Wednesday with an uncertain positive and, by the time of writing, reached $1,548.
By the way, Ethereum has grown by more than 12% since Monday. Over the past week, its value has increased by 20%, and over the past month - by 47%. At the same time, the altcoin is still 71% below its all-time high recorded in November 2021.
An active increase in the price of ETH began at the end of last week, after one of the project developers announced that the Ethereum blockchain could move to the new Proof-of-Stake algorithm as early as mid-September. In the face of this news, the cryptocurrency rate instantly soared by more than 12% to $1,300.
As for cryptocurrencies from the top 10 by capitalization, after the market leaders, all the largest cryptocurrencies, except for some stablecoins, have moved into the green zone.
At the same time, the highest daily results were recorded by Solana (+10.5%) and Cardano (+8.49%).
According to the world's largest virtual asset data aggregator CoinGecko, over the past 24 hours, among the top 100 most capitalized digital assets, the list of leaders was headed by the Flow coin (+21.4%), and the first place in the drop list went to Ethereum Classic (-4.8 %).
According to the results of the past week, among the hundred strongest cryptocurrencies, the Lido DAO coin showed the best results (+150.9%), and the worst - Chain (-8.1%).
Amid the permanent growth of key virtual assets in the past few days, the total capitalization of the cryptocurrency market exceeded $1 trillion for the first time since June 13. So, according to CoinGecko, this figure is approaching $1.1 trillion on Wednesday.
The key indicator of fear and greed has fallen to an extremely low level of 6 points for the first time since August 2019, indicating a permanently improving investor sentiment. At the same time, the BTC cryptocurrency dominance indicator increased to 40.3% over the week.
