Bitcoin, which began its growth a few days ago, is slowly but surely regaining previously lost heights and hinting at the imminent setting of this year’s record.
After the top cryptocurrency moved sideways around $43,000 for nearly two weeks, the spring was compressing to shoot higher. Tonight the rate had already risen to $46,300, and at the time of publication of the note it was $46,100.
On Thursday, Bitcoin rose 3.2% to $45,600, and on Friday it reached $46,000. According to data from Coingecko, BTC was up 3.4% from the previous day to $46,075 at the time of writing, maintaining an increase of 6% compared to the previous seven days.
Last year’s U.S. banking crisis benefited Bitcoin as investors began pouring into the cryptocurrency again amid uncertainty with banks. Traders also noted an increase in Bitcoin accumulation over the past two weeks by large investors known as “whales,” rushing to take advantage of the BTC price being below December and January highs. Over the past two weeks, average daily Bitcoin trading volumes fell 29.6% week-on-week, JPMorgan said Thursday, while Ethereum trading volumes fell 40%.
The second largest cryptocurrency Ethereum (ETH) also updated its two-week high at $2.44 thousand from February 7 to 8, adding more than 3% in price per day. Ether also steadily fell in price after reaching a local maximum on January 12, when the coin rose to $2,719 as investors waited for US regulators to approve spot ETFs for Ethereum. Applications for such funds were submitted by BlackRock, Grayscale, Ark Invest and Fidelity Investments.
