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Bitcoin’s price has risen more than 12% since the beginning of June.
Here’s why.
The largest digital currency on the planet has experienced a growth of more than 12% since early June 2023. On Wednesday, its price reached an all-time high of around $30,000, according to Coin Metrics data.
Industry experts have suggested that this jump in value is rooted in reports that the United States’ foremost asset management firm BlackRock had applied for a bitcoin exchange-traded fund which would track the digital currency’s market price. That could explain some of the surge, but it is not the only cause for the massive climb.
Cryptocurrency “market depth” has been exceptionally low during 2021. Market depth here refers to a market’s capacity to absorb rather large buy and sell orders. When the market depth is low and large players decide to purchase or sell digital coins, prices can move suddenly in either direction; regardless of how sizable these orders are.
And that is what is happening. Should you jump in and purchase Bitcoin?
Not sure what the safest answer is to that question. However, I am sure that buying small amounts of gold each month and then taking possession of your gold once you reach certain milestones, is what the really, really, rich are doing. Except they are purchasing large quantities, as are Central Banks across the globe. Should you be any different?
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