Bitcoin sets a historical record, reaching a nine-month high

The flagship cryptocurrency has once again pleased investors over the past two weeks, with bitcoin setting a historic record, reaching a nine-month high of $ 28,500. The last time BTC traded at this level was in June 2022.

At the time of writing, the market capitalization of BTC $56,254.06 Bitcoin -1.80% Market capitalization $1.11 trillion VOL. 24 hours $2.81 billion is $ 548 billion. Over the past day alone, bitcoin grew by 3.6%, and over the past week — by 28.7%. The market capitalization of bitcoin in 2023 grew by $ 194 billion, up 66% since the beginning of this year.

Investors usually consider BTC as a risky asset due to the high level of cryptocurrency volatility. However, traditional investors are now interested in bitcoin amid fears of further turmoil in the banking sector. The fact that it is not pegged to the dollar increases the attractiveness of BTC, so its value may rise again in the near future.

According to former Coinbase CTO Balaji Srinivasan, the impending global banking crisis could raise the value of bitcoin to $ 1 million in less than 90 days. According to his forecasts, the banking crisis in the United States could cause hyperinflation, which would push the price of BTC up to seven figures.

Market analysts are looking forward to the next meeting of the Federal Reserve System (Fed), which will be held on March 22, 2023. Experts point out that the decision to raise rates as part of the fight against inflation in the United States could seriously affect the situation on the cryptocurrency market. However, most crypto experts noted last week that the Fed is unlikely to do so.