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Bitcoin surpasses 31,000 USD | VTV.VN

Time at 6am this morning, Vietnam time, price Bitcoin on CoinDesk trading at $31,379, up 4.59%, equivalent to an additional $1,377 per coin.

According to statistical data over the past 24 hours, the world’s most popular and valuable cryptocurrency traded as low as $29,874 and highest at $31,730.

Bitcoin surpasses 31,000 USD - Photo 1.

Bitcoin price is now down nearly 56% from its peak in November 2021. (Photo: istock)

Bitcoin trading volume during this period is around $31.9 billion, with a market cap at $598 billion, according to CoinMarketCap.

Many other cryptocurrencies also surged along with Bitcoin’s upward momentum. Specifically, Ethereum is up 2.3%, Tether is up 0.01%, Cardano is up 6.7%, Ripple is up 1.2%, Solana is up 8.6%, Avalanche is up 5.1%…

This increase helped the total market capitalization jump to $ 1,280 billion, or 3% increase. Despite the sharp increase, compared to the all-time high recorded in November 2021, the market capitalization has lost about $1.6 trillion.

Michael van de Poppe, a cryptocurrency expert, thinks that Bitcoin has held the $30,000 level for a long time. A rise above this level will be the impetus for the leading cryptocurrency to head higher.

Many experts also believe in the bullish outlook of Bitcoin. Mike McGlone, senior commodity strategist at Bloomberg Intelligence, believes that cryptocurrencies could outperform all other asset classes as the bear market cools down.

Still, some analysts say it’s too early to believe the cryptocurrency is entering a new rally. “Uncertainties in the global economy due to high inflation and the risk of a recession, combined with central banks raising interest rates, are likely to continue to drag down all asset prices until at least the end of the year. This summer,” said Josh Olszewicz of Valkyrie Investments, “we still believe the Bitcoin price could drop as much as $22,000 before recovering this year.”

Bitcoin Price Could Drop 70% From Current Levels

Last week, Bitcoin and Ethereum prices had their first weekly gain in nine weeks, according to data from Coin Metrics. That is the longest losing streak ever for these two virtual currencies.

Kenneth Worthington, analyst at JPMorgan Chase, said: “Cryptocurrency prices fell 27% in May, after falling 20% ​​in April. The difficult environment for virtual currencies in April became even more difficult. when the stablecoin TerraUSD collapsed.

Bitcoin in particular, the cryptocurrency market in general, has been constantly increasing and decreasing erratically recently. Bitcoin once hit a record high of $ 67,000 in November 2021, but in 2022, especially from the end of March, the value of this currency has continuously decreased and is often traded around the $ 29,000 mark. Even, on May 12, Bitcoin had a time when it corrected to $ 26,700, the lowest level since December 2020.

The Bitcoin price is now down nearly 56% from its November 2021 peak, according to data from Glassnode. In the past, many virtual currency advocates have suggested that Bitcoin will become a kind of “digital gold”, serving as a safe investment channel like metal gold whenever the global financial market fluctuates sharply.

Minerd, chief investment officer of Guggenheim, attributed the drop in prices to the fact that the US Federal Reserve (FED) raised interest rates and tightened monetary policies. “Bitcoin price could drop 70% from current levels, even down to $8,000 in the near future,” predicted Mr. Scott Minerd.

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