Bitcoin Price Breaks $90,000 Once Again
Bitcoin, the world’s most prominent cryptocurrency, has once again surpassed the $90,000 mark, trading at an impressive $90,150.
This surge represents a remarkable 2.93% increase over the past 24 hours, reflecting the cryptocurrency’s continued growth despite volatility in the market. For enthusiasts, investors, and market analysts, this milestone is yet another sign of Bitcoin’s resilient rally and the growing mainstream acceptance of digital currencies.
Market Performance
Bitcoin’s market cap has risen to a staggering $1.78 trillion, marking an increase of 2.82% in the last 24 hours. Alongside this, the trading volume within the last day reached $37.83 billion, showcasing a significant 33.07% uptick. This surge in volume indicates strong market activity, with a growing number of participants entering the space, further solidifying Bitcoin’s position as a leading asset in the global financial landscape.
Fundamentals Driving the Surge
The increasing volume and price of Bitcoin are no coincidence. Several key factors contribute to its growth:
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Scarcity and Supply Control: Bitcoin’s total supply is capped at 21 million coins, with only 19.85 million BTC currently in circulation. As more investors flock to Bitcoin, the limited supply plays a role in driving up demand, and hence, the price.
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Institutional Investment: Over recent months, a wave of institutional interest has poured into Bitcoin, with large-scale investors recognizing its potential as a store of value akin to gold. The high market cap and liquidity make it an attractive option for traditional investors.
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Global Economic Uncertainty: With the ongoing macroeconomic challenges, including inflation fears and currency devaluation, Bitcoin is increasingly seen as a hedge against traditional financial system risks. This sentiment has driven new interest from both retail and institutional investors.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
