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Bitcoin prices hit a five-month high last night.
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Bitcoin prices surged yesterday, pushing the digital currency to a multi-month high.
The world’s largest digital currency rose to $23,800.13 last night, according to data from CoinDesk.
At this point, the cryptocurrency was trading at its highest level in more than five months, maintaining its highest value since mid-August, according to additional figures from CoinDesk.
Additionally, the digital asset has appreciated over 40% since the start of the year, rising from nearly $16,500 on January 1.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
Since last night, bitcoin has retreated, falling more than 3% to trade at $23,014 at the time of this writing.
The digital currency is having a strong January, recovering strongly after enduring a very difficult 2022 where it lost 65% of its value, according to an annual crypto review prepared by CoinDesk.
Bitcoin price has had a very volatile past, experiencing several cycles of booms characterized by compelling gains followed by bearish periods where it has lost substantial amounts of value.
In November 2021, the digital currency hit an all-time high of nearly $69,000 as analysts pointed out that several headwinds were pushing the price of cryptocurrencies to this level.
However, this high value was not sustainable and bitcoin declined, ending 2021 near $48,000, according to a post from CoinDesk.
The following year, the digital currency pushed much lower, falling below $16,000 in November, as markets reacted to multiple bearish developments, including the collapse of struggling exchange FTX.
Despite all of this, bitcoin managed to stay north of $15,000 throughout the turmoil, a price the digital currency only reached in 2017, when it had been around for more than eight years.
Nobody guesses, but it should be kept in mind that every time the digital currency goes through a bull cycle, it hits a new all-time high.
After hitting last year’s lows, the digital currency could be heading towards a six-digit value.
Disclosure: I own bitcoin, bitcoin cash, litecoin, ether, EOS, and sol.
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Sources 2/ https://news.google.com/__i/rss/rd/articles/CBMibmh0dHBzOi8vd3d3LmZvcmJlcy5jb20vc2l0ZXMvY2JvdmFpcmQvMjAyMy8wMS8yNi9iaXRjb2luLXByaWNlcy1yZWFjaGVkLXRoZWlyLWhpZ2hlc3Qtc2luY2UtYXVndXN0LWxhc3QtbmlnaHQv0gFyaHR0cHM6Ly93d3cuZm9yYmVzLmNvbS9zaXRlcy9jYm92YWlyZC8yMDIzLzAxLzI2L2JpdGNvaW4tcHJpY2VzLXJlYWNoZWQtdGhlaXItaGlnaGVzdC1zaW5jZS1hdWd1c3QtbGFzdC1uaWdodC9hbXAv?oc=5 The mention sources can contact us to remove/changing this article |
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