Bitcoin’s recovery from its 2022 crash below $16,000 has reached a remarkable milestone, with the cryptocurrency trading at $98,738. This marks a 500% increase in just two years, as highlighted by BTC historian Pete Rizzo. The current rally, coupled with increased market confidence, demonstrates how Bitcoin has bounced back from one of its most challenging periods.
November also marked the second anniversary of FTX’s bankruptcy filing, which shook the crypto industry and sent Bitcoin to new lows. Despite the turbulence of 2022, the market has shown resilience, adding over $1 trillion in value since November, led by Bitcoin’s meteoric rise. Since the beginning of November, the global cryptocurrency market has added over $1 trillion in value, led by Bitcoin’s meteoric rise.
Also Read: MicroStrategy Executes Historic Bitcoin Purchase of 51,780 BTC Worth $4.6 Billion
Market Optimism Lifts Bitcoin to New Heights
Bitcoin’s ascent near the $100,000 threshold has been supported by several factors. Recent developments, including SEC Chair Gary Gensler’s announced resignation, have eased regulatory fears. Gensler’s tenure was defined by aggressive enforcement actions against crypto companies, and his departure is anticipated to create a more favorable regulatory environment.
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Additionally, institutional interest in Bitcoin has surged as MicroStrategy, a major Bitcoin treasury company, announced plans to accelerate its purchases. At the same time, U.S. bitcoin exchange-traded funds (ETFs) received more than $6.8 billion in net assets in the past few weeks. This takes the total portfolio size of the ETFs that track Bitcoin to more than $100 billion, which will enhance market positivity.
The recent performance of Bitcoin in the last five days is a clear depiction that Bitcoin is the strongest cryptocurrency. This has proved helpful to Bitcoin because the market is cyclical and bitcoin hit its high at $99,543 earlier this week.
Conclusion
Two years after the FTX collapse and Bitcoin’s plunge to $16,000, the cryptocurrency has not only recovered but thrived. With market confidence surging and institutional interest rising, Bitcoin’s path toward breaking the $100,000 mark appears within reach. Investors are now closely watching the market as the cryptocurrency enters this pivotal phase.
Also Read: Polish Presidential Candidate Mentzen Supports Bitcoin Reserve Strategy
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.