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Bitcoin hits $30K as OG crypto reaches new high for 2023

12 Apr, 2023
Bitcoin hits $30K

Bitcoin (BTC) is riding high this week as the original cryptocurrency broke the $30,000 mark on Tuesday, reaching a high that has not been seen since June 2022 and setting a record for the year so far.

The world's largest cryptocurrency by market cap has recorded gains of more than 45% over the last 30 days, boosted by instability in the fiat currency world amidst interest rate hikes and bank runs.

Image source: StormGain cryptocurrency exchange

Traders are currently looking forward to the next United States Consumer Price Index (CPI) report, due on 12 April, which will provide an indication of the state of inflation in the US. Analysts predict that the result will see the US dollar continue to fall in value and likely boost Bitcoin and other cryptocurrencies as investors turn to digital assets when confidence in the dollar is low.

Greed is in the air. Can the gains be sustained?

The Crypto Fear and Greed Index, designed to display the emotional state of the cryptocurrency market, has been stuck firmly in "Greed" greed mode for almost a week, with the latest 11 April update showing a score of 68 out of a possible total of 100.

Image source: alternative.me

Fear and Greed index for the crypto market on 11 April 2023

Analysts have noted that the current level of market greed is equivalent to BTC's previous all-time highs in 2021 and that traders may be looking to cash in on the recent gains. However, one positive indicator is that the rate of Bitcoin holders continues to rise this year, with a higher percentage of investors looking to be in for the long ride to the moon.

The fact remains that, amidst political and monetary instability, Bitcoin has stood out as one of the best-performing assets of 2023. If you're looking to invest in BTC and a range of top altcoins, then sign up with StormGain for the best conditions on the market.

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