The bitcoin price zoomed past the psychologically-crucial $30,000 mark as the flagship cryptocurrency continued a bull run that began at the beginning of this year. The last time BTC reached these levels was in June of 2022 — nearly 10 months ago.
Bitcoin regaining its $30,000 price tag comes as analysts at Bernstein compare the world’s foremost cryptocurrency to a “faster horse” compared to gold.
Bitcoin Back Above $30,000
After several weeks of dismal price action, BTC is finally showing signs of life.
The leading crypto eclipsed the $30K mark for the first time since June 10 of last year as March’s U.S. banking turmoil fades into the past as a distant memory. CoinGecko data shows that BTC is trading hands for $30,128.61, a 6.5% 24-hour bump.
Bitcoin has gained almost 80% year-to-date after starting 2023 trading for around $16,700 following a year marked by a series of catastrophes for the crypto market, including the collapse of Sam Bankman-Fried’s empire.
Other crypto assets have mirrored Bitcoin’s bullish price performance. Ether, the second-largest cryptocurrency by market capitalization, is up by 3.5% in the past day, changing hands at $1,923.72.
While Dogecoin, the leading meme coin that skyrocketed last week off the back of Elon Musk replacing Twitter’s blue bird logo with the token’s mascot, is trading hands for $0.0855, a modest 3.2% jump.
Bitcoin vs. Gold
BTC is by far outperforming gold this year despite the closure of Silvergate and Signature Bank, two of the largest lenders to the cryptocurrency industry.
The yellow metal, seen as the ultimate inflation hedge and a safe haven in times of market turbulence, has only gained 3% in 2023.
Bernstein said in a recent research report that favouring gold over bitcoin is an irrational decision. “In our view, liking gold but not liking Bitcoin is like hating on a faster horse,” the analysts summarized.
That said, bitcoin still has a long way to go before it hits its November 2021 historic high of $69,044.77.