Bitcoin, the most popular cryptocurrency in the world, saw a substantial price rise in the first days 2023. CoinMarketCap data showed that the bitcoin price on January 2, 2018, was 18,250.50. That’s 9.96% higher than its price on December 31, 2022 (which was 16,526).
The price rise can be attributed to a variety of factors including a cooling in U.S. inflation and the recovery by the cryptocurrency exchange, FTX, of more than $5 billion in assets. The rise in inflation, which has been increasing over the past months, is now slowing down. This will boost the value of bitcoins and other cryptocurrency. Investor confidence has been restored by FTX’s recovery of assets.
In recent months, the cryptocurrency market has been experiencing volatility with fluctuating prices. The current price rise suggests that the market is stabilizing and that investors are more confident about the market’s long-term prospects.
Overall, the bitcoin price rise is a positive sign. It suggests that investor sentiment has improved. It is possible that the market will see continued growth with the recovery of assets via FTX and the cooling off of U.S. inflation.