Bitcoin Surpasses $30,000 For The First Time Since June As Bernstein Refers To BTC As The “Faster Horse” Compared To Gold
The bitcoin price soared past the psychologically significant $30,000 threshold as the leading cryptocurrency continued its year-long bull run. The last time BTC reached these heights was in June 2022, nearly ten months ago.
Bitcoin regaining its $30,000 price tag coincides with Bernstein analysts comparing the world’s leading cryptocurrency to a “faster horse” than gold. After several weeks of depressing price activity, Bitcoin is exhibiting signs of vitality.
The foremost cryptocurrency surpassed the $30,000 threshold for the first time since June 10, as March’s U.S. banking turmoil becomes a distant memory. According to CoinGecko data, Bitcoin is currently being exchanged for $30,128.61, a 6.5% increase over the past 24 hours.
Following a year marked by a series of calamities for the crypto market, including the fall of Sam Bankman-Fried’s enterprise, Bitcoin began 2023 trading at around $16,700. Bitcoin has since gained nearly 80% year-to-date.
The favorable price performance of other cryptocurrencies mirrors that of Bitcoin. Ether, the second-largest cryptocurrency by market capitalization, is currently trading at $1,923.72, a 3.5% increase from the previous day.
While Dogecoin, the dominant meme coin whose value skyrocketed last week after Elon Musk replaced Twitter’s blue bird logo with the token’s emblem, is currently trading at $0.0855, a modest 3.2% increase.
Despite the closure of two of the industry’s largest lenders, Silvergate and Signature Bank, BTC is outperforming gold by a wide margin.
Gold, regarded as the ultimate inflation hedge and a safe sanctuary in times of market turmoil, has gained only 3% in 2023.
In a recent research report, Bernstein stated that choosing gold over Bitcoin is irrational. However, bitcoin has a long way to go before it reaches its historic peak of $69,044.77 in November 2021.
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