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Bitcoin surpasses $24,000 temporarily while Ethereum rises 50% in one week

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Bitcoin reaches $24,000 temporarily while Ethereum rises 50% in one week
Bitcoin reaches $24,000 temporarily while Ethereum rises 50% in one week (Pixabay)
Bitcoin reaches $24,000 temporarily while Ethereum rises 50% in one week
Bitcoin reaches $24,000 temporarily while Ethereum rises 50% in one week (Pixabay)

On the 20th (local time), the price of Bitcoin rebounded and once surpassed $24,000.

According to CoinMarketCap, a cryptocurrency information site, Bitcoin rose to $24,200 this morning. It is the first time in a month that Bitcoin has crossed $24,000. According to Bloomberg News, the recent rise in U.S. stock markets such as the Nasdaq also led to a rise in the Bitcoin price. Valkyrie Investment, an investment analysis firm, said that investor sentiment has improved as the pressure to sell digital assets triggered by the liquidity crisis of cryptocurrency companies has eased somewhat.

Billionaire coin investor Mike Novogratz, CEO of Galaxy Digital, also claimed that “the worst is over for the cryptocurrency industry.” Bitcoin and other cryptocurrencies have also rebounded. In particular, Ethereum, the second-largest coin by market cap, has surged more than 50% over the past week, and once crossed $1,600 on the same day. Economic media CNBC reported that investors’ expectations raised the price of Ethereum ahead of the Ethereum network upgrade in September.

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I am a contributor to Advancetec.co.uk. I am fascinated by technology overall, especially crypto and it's potential to disrupt the global financial system. But until that future comes, I am perfectly content immersing myself in gaming, movies, gadgets, and all of the other wonders of the modern world.