the price of bitcoin at one point on Thursday hit $24,748.43, up 4.81% with 24-hour trading, according to coinbase. Thursday’s surge is a continuation of the top cryptocurrency’s rally with its price surging 7.69% in just one week. bitcoin currently enjoys a market capitalization of $470.5 billion and has a current circulating supply of 19,118,581 btc coins.
Overall cryptocurrency prices are seeing a surge this week after a lower-than-expected inflation report, with ethereum, bitcoin’s biggest rival, leading the pack with an 18.63% rise in value on the last week. currently the price of ethereum is trading at $1910.655 per eth.
Reading: Why is bitcoin going up today
why is bitcoin going up?
Bitcoin topped $24,000 on Wednesday, hitting its highest level in over a month. Over the past week, bitcoin prices continued to rise in value from Friday’s low of $22,392 to Thursday’s high of $24,569. despite the surge in bitcoin prices, it remains 64.02% below the all-time high of $68,789.63 in November 2021. in recent weeks, the cryptocurrency market has seen a rally that possibly signals the end of the infamous crypto winter.
This is a relief to many investors, as in June the bitcoin price fell by around 38%, which is one of the largest single-month drops in cryptocurrency history. the price of bitcoin has been stable for the past week, which has helped it offset losses this month.
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One of the reasons the prices of bitcoin and other cryptocurrencies are rising is that they are being closely followed this year by the stock market. In recent weeks, markets have been largely in recession, but have recently recovered in the US. USA, Europe and Asia, which has helped cryptocurrencies follow that trajectory.
Another factor influencing the crypto market rally is cooling inflation which has negatively affected both commodities and the stock market. Analysts attribute the slowdown in the U.S. Inflation also buoyed the cryptocurrency market, sending bitcoin back to the $24,000 threshold following news that the consumer price index (CPI) is holding steady. The consumer price index was unchanged in July on a seasonally adjusted basis after rising 1.3 percent in June, according to the u.s. bureau of labor statistics.
The US consumer price index rose 8.5 percent on-year in July, a slower annual rise compared to June, as inflation eased after falling gasoline prices. expectations that inflation will start to decline are helping to improve investor confidence.
what is also driving bitcoin’s rise?
The cryptocurrency market was also given another chance thanks to the news that coinbase is partnering with blackrock, the world’s largest asset manager to offer cryptocurrency investment services for large institutional investors and wealthy private clients. Under the agreement, Coinbase Prime will provide cryptocurrency trading, custody, prime brokerage and reporting capabilities to Aladdin’s institutional client base, who are also Coinbase clients. The deal will allow bitcoin to earn more utility among other major investments, including pension funds, mutual funds, foundations, and endowments.
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coinbase prime is designed primarily for institutions and integrates advanced agency trading, custody, prime funding, staking and staking infrastructure, data and reporting that support the entire transaction lifecycle. it also combines these capabilities with leading security, insurance, and compliance practices to provide Coinbase’s institutional clients with a full-service platform to access crypto markets at scale. Coinbase clients include hedge funds, asset allocators, financial institutions, corporate treasuries, and other institutions.
“This connectivity with aladdin will enable clients to manage their bitcoin exposures directly into their existing portfolio management and trading workflows for a complete portfolio view of risk across all asset classes,” said joseph Chalom, Global Director of Strategic Ecosystem Partnerships at Blackrock.
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