The crypto queen, which has been trading above $23,000 for several days, even approached $24,000 this Sunday.
The cryptocurrency queen has been performing well since mid-January, breaking the symbolic threshold of $20,000.
Bitcoin even barely got close to $24,000 on Sunday before trading around $23,000 again. According to Coinmarketcap, the price of the cryptocurrency increased by 38% in a month. The total capitalization of bitcoins is now $447 billion.
Highest level in five months
“Bitcoin hit a five-month high, returning to price levels last seen in August 2022 as the positive streak of the crypto asset market continues in 2023,” eToro wrote in a note.
Indeed, bitcoin experienced a brief lull in mid-August, trading at around $24,000 for several days after it was weakened by two crypto crashes in May and June that sent the price of the cryptocurrency plummeting.
Then the fall of the FTX giant last November finally weakened the cryptocurrency queen again, until this growth was seen since the beginning of the year.
In its growth, bitcoin benefits the entire cryptocurrency market, with some “meme coins” also rising for several days. On the other hand, Ethereum, the second most valuable cryptocurrency, remains less efficient than Bitcoin. Over the month, its price has increased by 32%, and the last week remains a little more mixed.
“Ether, meanwhile, had a more mixed week last week, with the price starting the week around $1,625 before dropping below $1,525 midweek. However, in a few days of volatility, it has recouped those losses and is now trading around $1,610,” eToro said in a note.