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Bitcoin crosses the $48,000 mark

Data from CoinMarketCap shows that the world’s largest cryptocurrency Bitcoin passes the milestone of 48,000 USD/dong to 48,086 USD/dong at dawn this morning, officially setting a new peak in 2022. Currently, the digital currency is trading around the threshold. 47,600 USD/copper.

In the past 24 hours, Bitcoin price has increased by more than 1%, while expanding its market cap by 904 billion USD. Bitcoin trading volume remains high, above 36 billion USDup 13.39%.

Bitcoin crossed the $48,000 mark - Photo 1.

Bitcoin officially set a new peak in 2022. (Artwork – Photo: Getty Images)

About 90% of Bitcoins are in circulation. Out of a total of nearly 41 million hosted wallet addresses, the number of regularly active wallets is 963,625.

From the moment of breaking resistance 46,000 USD Yesterday (March 28), Bitcoin price continuously increased strongly. In the past 7 days, the digital currency has increased by 10.93%. However, compared to the peak reached in November 2021, Bitcoin’s value has still evaporated by about 31%.

Not only Bitcoin, some large-cap coins with 7-day gains are: Ethereum (12.36%), Binance coin (6.93%), Cardano (29.66%), XRP (2, 9%, Terra (12.34%), Solana (20.9%), Avalanche (6.45%). Terra is currently the strongest gainer in the last 24 hours, reaching 9.9%.

In the weeks leading up to that, the cryptocurrency market has been in a steep downtrend that resembles other risky assets like US stocks. However, breaking out of the psychological threshold 45,000 USD has provided an impetus to the Bitcoin value, according to Bloomberg.

Recently, Bitcoin received a lot of positive information, including that Russia can use Bitcoin to pay for energy exports in the context that this country is facing a series of US and Western sanctions. In addition, the Terra project’s continuous purchase of Bitcoin to use as collateral for the stablecoin UST also creates a driving force for the virtual currency market.

In addition, the fact that US Treasury Secretary Janet Yellen expressed positive support for Bitcoin, thereby dispelling the negative sentiment in the market. These factors put Bitcoin into a technically overbought phase as the RSI crosses the 70 mark.

Notably, this Bitcoin rally coincided with the rally in the US stock market. This shows that Bitcoin is increasingly positively correlated with risky assets, rather than being seen as a safe haven.

Greg Beard, energy investment expert at Apollo Global Management, forecasts Bitcoin could rise to $200,000 in the next five years.

“If you are an investor and consider Bitcoin as a safe-haven asset, within 5 years the price of this digital currency will increase by at least 5 times,” Greg Beard told Fortune.

Before that, ARK Investments, a New York-based investment firm even predicted the Bitcoin price could surpass $1 million by 2030.

However, in the short-term, analytics firm Santiment believes that Bitcoin’s rally could continue to be capped around the $46,000-$50,000 resistance area.

Nicholas Cawley, strategist at DailyFX, thinks Bitcoin’s momentum will be tested at 52,000 – 53,000 USD within the next 2-3 months.

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