• Bitcoin prices have risen 4% in the last 24 hours, almost hitting $19,000 after the publication of positive US inflation figures.
• The global economy appears to have turned a corner after the Ukraine war and long Covid threatened a recession last year.
• Now may be the best time to buy the virtual currency, which appears to have begun leaving behind its bear market bottom.
The cryptocurrency market has been abuzz with activity in the last 24 hours, especially after the US Department of Labor released its Consumer Price Index data that showed a 0.2% increase in prices in November. This was the first time since the pandemic began that the CPI had registered an increase, and it sent a positive signal to investors that the worst of the economic downturn may have been averted.
The positive news caused the markets to rally, with the Nasdaq jumping by 4.1% in a week. But the biggest boost was seen in the cryptocurrency market. Bitcoin prices rose by 4% in the last 24 hours, reaching a new high of almost $19,000. The digital currency’s price marks a 12% gain in a week and a 6% rise in the last 30 days, as signs of an improving global economy raises hopes that 2023 will correct 2022’s bear market.
The impressive gains made by bitcoin are a testament to its resilience as the original cryptocurrency with the biggest market cap and strongest network. Investors have been quick to recognize this, and now may be just about the best time to buy the virtual currency, which appears to have begun leaving behind its bear market bottom.
Other encouraging economic data has also contributed to the market’s bullish sentiment. The surprising news that the UK economy grew by 0.1% in November, as well as similar recent updates for France and Germany have all created the impression that the global economy is on the recovery path.
As a result, investors are flocking to bitcoin, which is seen as a safe-haven asset. The cryptocurrency’s price chart over the past year shows rising momentum, and it’s likely that it will continue to do so in the short- and medium-term.
In light of all this, now may be the time to buy top crypto coins. Bitcoin’s performance has been stellar, and the virtual currency’s status as the original cryptocurrency with the biggest market cap and strongest network make it a great choice for investors looking to capitalize on the current market conditions. Moreover, investors should be aware that a renewed bull market may be on the horizon and that bitcoin is likely to be at the forefront of any such market.