Bitcoin Price Hike: A Boon For the Global Crypto Market

With the surge of crypto adoption worldwide the price of cryptocurrencies has sky-rocketed. The global crypto price market has increased by over 15% over the past week. Bitcoin price has crossed the threshold of $56,000 as predicted by analysts.

The price of Ethereum is now 1% more than the previous day. It has increased by over 7 percent in the last week. At the time of writing it is trading at $3,825. Meme-based crypto Dogecoin has gained over 10 percent and is priced at around $0.23 this week. The crypto Polkadot is trading at $35.84 as of the previous week adding over a 15% increase.

Crypto Price Increase Despite Regulators

Although the regulatory reforms in China have banned crypto mining, the crypto boom remains unaffected. The Chinese users are cut off from crypto exchanges as the crypto trade is deemed illegal in the country. Bitcoin has regained the $1 trillion market capitalization feat after going through a dip. It is currently dominating the market at 46% as more users participate in the BTC market projects.

Despite China’s crypto crackdown, Bitcoin keeps gaining strong traction from crypto enthusiasts worldwide. Bitcoin is currently trading at around $56,000. It is gaining an increase of over 0.18% to 0.59% in a single day. Bitcoin continues to dominate the global crypto trading realm.

Bitcoin Price Sky-Rocket

Bitcoin sets new records as the world’s most popular cryptocurrency. It hiked to a record high of $65,000 in April 2021. Bitcoin price surpassed the $ 59,000 mark in October 2021. It is trading at $59,758.40 at the moment. The cryptocurrency jumped 2.32% in the last day. Some of the factors contributing to this sudden jump in Bitcoin price comprise the approval of the US Securities and Exchange Commission to a crypto exchange trading fund (ETF).

The global crypto boom has invited more participants into the market. This could also be a reason behind the sudden record-breaking price hike of Bitcoin. Bitcoin is expected to cross the $60,000 mark soon to market analysts.

Related: Bitcoin price sky-rocket to new heights in 2021.

Wrapping Up

In the meantime, the altcoin market is comparatively lagging while bitcoin price is increasing. Ether, Cardano, Polkadot, and Dogecoin prices have dropped low in the past month. Ether price dropped 0.47% while Cardano also dipped down to $2.09. Polkadot dropped 6.17% to $32.75. Bitcoin is gradually replacing gold as a better hedge against inflation. JP Morgan notes, “Institutional investors appear to be returning to Bitcoin, perhaps seeing it as a better inflation hedge than gold.”