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Crypto: For the 3rd time this year, Bitcoin (BTC) hits the $30,000 mark!

Mon 23 Oct 2023 ▪ 3 min of reading ▪ by Luc Jose A.
Getting informed ▪ Investissement

Since June, bitcoin (BTC) had been struggling to reach the $30,000 valuation mark it had reached a few months earlier. Now it’s done it again. In the following lines, we’ll explain what’s behind this latest upturn in the market for the flagship crypto.

A bitcoin

Investor enthusiasm triggers a rally in the flagship crypto

After several weeks of resistance, bitcoin (BTC) has once again hit the $30,000 mark. This is the 3ᵉ time, since the beginning of the year, that this has happened. A surge that confirms the projections of several experts on this subject.

How can we explain this latest upturn in bitcoin’s valuation? For some analysts, you don’t have to look far. The enthusiasm that has reigned in the crypto ecosystem over the past few days is the first clue.

Other crypto specialists go further, attributing the surge in bitcoin’s price to much more factual elements. The first, and most important, is the prospect of the imminent approval of a Bitcoin ETF.

With this prospect, which has the backing of firms such as JPMorgan, at least $150 billion in institutional investments and qualified investors are expected. An influx that would propel the total valuation of the crypto market above the $1,000 billion mark.

A delayed rise in the price of BTC?

Larry Fink, CEO of BlackRock, was not indifferent to the rise in the price of BTC. Commenting on the news, he described the rise in the price of the flagship crypto as “a manifestation of pent-up demand”.

In other words, Larry Fink believes that BTC’s meteoric rise is the result of pre-existing, pent-up demand that has finally been unleashed. A comment that highlights the crypto market’s growing attractiveness, which he expects to maintain its upward momentum.

It’s an interesting prospect, but don’t be fooled. Indeed, despite the prevailing optimism, experts are pointing to some major operational concerns. These concern the cumulative volume of trade, which remains below 40 billion.

Added to this are concerns about the relatively low liquidity of exchanges. These concerns suggest that the price of bitcoin could fall back to around $27,300. Over the past hour, BTC has lost 0.37% of its price, to trade at around $29,890.

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Luc Jose A. avatar
Luc Jose A.

Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.