Bitcoin surpassed US$30,000 and reached the highest level in nine months, marking a 7% rise in a day

Since March 23, while hovering around the US$28,000 level, the value of Bitcoin surpassed US$30,000. Bitcoin has now touched its greatest resistance level in nine months at this price. The biggest cryptocurrency by market capitalization, which had hinted at a run towards this level just three weeks earlier, topped $30,014 as of writing, reaching its highest level since early June, as a wave of crypto investor euphoria swept over the market. However, it was difficult to determine what had caused the movement. Bitcoin increased by almost 7% in a day. Since the middle of March, when concerns about the traditional banking system started to fade, it has been hovering at about $28,000.
On June 10, 2022, Bitcoin reached a high of $30,000 before falling to a low of around $20,000, where it stayed for a significant portion of the rest of the year and the first few weeks of 2023. For the three weeks prior, it has been circling at $28,000 as cautious crypto investors assessed the effects of a nearly bankrupt banking system, ongoing inflationary pressures, and other macroeconomic risks. After trading at about $16,600 at the beginning of 2023, Bitcoin has increased by roughly 80% so far this year. The second Bitcoin halving, according to some experts, is anticipated to take place on or around April 28, 2024. As a result, in less than three weeks the one-year countdown for the Bitcoin halving will start. This offers traders even more cause to think there could be additional momentum for the Bitcoin surge.

Block $840,000 is where the Bitcoin halving will take place. Hence, April 28, 2024, is when the award is expected to be distributed. With the unheard-of bear run in 2022, this occurrence may be quite positive for both the top cryptocurrency and the overall cryptocurrency market. Although entirely unfounded, speculators believe that the Bitcoin price will surpass the previous record high of $69,000 and reach $100,000 in 2024 as a result of the halving event.
The price of cryptocurrencies also increased in January amid indications that inflation was slowing down, peaked in February, and then picked up speed in late March after Silicon Valley and Signature banks failed as some investors began to doubt the stability of the current monetary system and rediscover their appetite for assets with long-term value. A recent increase in commodity prices has seen it reach $2,000 for the first time since 2020.

All of the biggest cryptocurrency tokens were trading considerably higher on Tuesday, not just Bitcoin and Ethereum. Each of Solana, Litecoin, and BNB saw price increases of over 4%. Cardano and Solana each saw price increases of over 3%. XRP, Polygon, and Polkadot all had significant increases.