Amid the struggling traditional financial sector and skyrocketing inflation rate, the crypto market is showing a positive attitude as for the first time in nine months (since June), the largest cryptocurrency Bitcoin surpassed $28K.
The comeback is coming after last week’s drop in Bitcoin price, where it slipped below $20,000 for the first time in two months.
At the time of writing, Bitcoin is currently trading around $28,180 with a 4.03% rise in the last 24 hours if follow data on CoinMarketCap. The value is 70% up from the beginning of this year. The rally in Bitcoin also benefited other cryptocurrencies like Ethereum (+0.19%) and Solana (7.30%).
The recovery in crypto comes long after last year’s turmoil and historic fallout in its journey, that deemed many crypto firms and tokens. This is a tight slap on those regulators and lawmakers who continuously find one and another way to curb speculation about crypto.
Some economists and intellectuals believe that the rally in Bitcoin is due to the increasing demand for safe-haven assets due to the devastation in the global banking system. They are also expecting a rise in the Bitcoin value in the upcoming time.
