Bitcoin enthusiasts are celebrating as the leading cryptocurrency surpasses the $30,000 mark for the first time in 2023.
Bitcoin (BTC), the largest cryptocurrency in terms of market capitalization, has surpassed $30,000 for the first time since mid-2022.
According to BitDegree data, the price started drastically rising on the evening of April 10th. Over the past month, the digital currency has recorded a remarkable 46% surge, hitting a ten-month high on April 11th.
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It is worth noting that before settling to around $30,200, in the early hours of April 11th, Bitcoin price briefly reached $30,465.
At the time of writing, Bitcoin retails for $30,187.73, recording a 5.61% price increase in the last 24 hours.
As some analysts predicted, Bitcoin has reclaimed its $30,000 price tag, with many traders anticipating the launch of the United States Consumer Price Index (CPI) report on April 12th. The CPI is expected to provide crucial insights into the Federal Reserve's ongoing fight against inflation.
The surge in Bitcoin prices has echoed in the Crypto Fear and Greed Index. The latter-mentioned index numerically represents the "emotions and sentiments" of the cryptocurrency market.
It is worth highlighting that, for over a week, the index has maintained a strong presence in the "Greed" territory. The latest April 11th update shows a score of 68 out of a possible 100, its highest level since March 20th.
The index is also not far off from the 71 high-score recorded on November 16th, 2021. The latter followed Bitcoin's all-time high of over $69,000 on November 10th, 2021.
One of Bitcoin's most vocal supporters, Michael Saylor, founder and executive chairman of business intelligence firm MicroStrategy, continues to lead the charge for corporate adoption of cryptocurrency.
As of April 5th, MicroStrategy has accumulated a staggering 140,000 BTC on its balance sheet, totaling a purchase price of $4.17 billion. With an average acquisition cost of approximately $29,803 per coin, the recent price surge signifies a substantial gain for the company.
Bitcoin's triumphant return to the $30,000 price range marks an exciting moment for cryptocurrency enthusiasts, as anticipation for the upcoming US CPI report and continuous support from influential figures like Michael Saylor drive renewed optimism in the market.
