Bitcoin Price Rises Above $24,000 Amid Tech Stocks Rally
- Crypto investors are happy as the price of bitcoin rose above $24,000 on Friday despite ongoing volatility
- Ethereum also rebounded as experts say the current trend may continue amid recession worries among experts
- There have been predictions by experts that the price of bitcoin will climb above $100,000 sometime and urge investors to be calm
It was a respite on Friday as the price of Bitcoin surged above $24,000 which analysts say was caused by the rise in tech stocks as investors become hopeful that inflation could wane and consumer spending grows.
Despite bitcoin seeing a slight comeback, many experts say that the crypto market may not sink just yet.
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Optimisms abound despite price slump
There are several macroeconomic reasons like rising inflation, political crisis and increasing interest rates which continue to spike and drive volatility in the crypto markets, which are causing recession speculations.
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The largest cryptocurrency in the world sold at $48,000 per cent in January 2022 and it has lost about 70 per cent of its total value since November 2021 when it sold for $60,000, Forbes report says.
Bitcoin’s high point of the year so far remains in the earliest days of January, when it nearly hit $48,000 on Jan. 2. Bitcoin has lost roughly 70% of its value since its Nov. 10 all-time high above $68,000.
According to reports, despite bitcoin and Ethereum having ups and downs and falling short of their all-time highs, many crypto analysts say bitcoin price will exceed $100,000 at some point.
Be calm in volatile times
Experts have urged investors to be calm during volatility periods, saying that the current lull doesn’t guarantee a reversal and that it may continue to crumble but will eventually rise again.
Experts recommend that traders keep their investments at less than 5 per cent of their total portfolio, saying investors should not be influenced by the current price slump.
Cryptocurrency investors in tears as Ethereum pluges into a 14-month low
Legit.ng reported that As US inflation hits a new 40-year high, Bitcoin and Ether fell on Sunday, June 12, 2022, as they joined a wider crypto sell-offs which saw investors go into panic mode.
Nairametrics report says Ether went down to as much as 5 per cent to $1,440 which is its lowest level since March 2021, while Bitcoin fell to $27,000, also its lowest in one month.
Other crypto assets were also in the red including Cardano, OMG, XRP and Avalanche.
Source: Legit.ng
