Bitcoin price started to move towards the $ 50,000 target again. In this sense, for the first time in a long time, seventeen months, Bitcoin reached the $ 35,000 level. The cryptocurrency, which reached this level in the first hours of the morning, also revitalized the altcoin market. The Bitcoin dollar index, which was 24 thousand dollars in June and 25 thousand dollars in September, increased by almost fifty percent with 35 thousand dollars.
Bitcoin price reached 35,000 dollars, altcoins revived
But why has the Bitcoin price returned to this level after seventeen months? It all started with the Bitcoin ETF application to the US Securities and Exchange Commission. For those who don’t know, an ETF is a mutual fund associated with specific assets. These funds, which are traded like stocks, have become very popular in recent years. Some investment firms applied for a Bitcoin-indexed ETF to the US Securities and Exchange Commission.
This 35 thousand dollar peak for the Bitcoin price is literally due to the news that this ETF will be approved. Although this information is not yet certain, it was enough to provide a rise for Bitcoin. Cryptocurrency experts, on the other hand, are of the opinion that Bitcoin, which is so affected even with positive news, will push $ 50,000 again after approval.
As you know, the Bitcoin price crossed the critical threshold of 30 thousand four days ago. Bitcoin, which exceeded 35 dollars this morning, is currently in the 34 thousand dollar band. In this sense, cryptocurrency started the day with an increase of 11 percent. For the moment, Bitcoin is in a slight selling trend. In addition to all this, Bitcoin has risen by almost fifty percent in a period of about six months.
However, the altcoin market has also risen after the rise of Bitcoin. The price of the second largest cryptocurrency Ethereum is at $ 1800, up 8 percent. Binance’s own cryptocurrency BNB saw the price of $ 228. The most profitable cryptocurrency of the day was MINA and rose 76 percent. AVAX, which once reached up to $ 100, is currently at $ 10, up 4 percent.
The Bitcoin price, which ran to the record during the pandemic period, started looking for its old days after life returned to normal. At that time, the bans on crypto mining in some countries began to negatively affect the market. Again, the successive Luna collapse and the collapse of the FTX cryptocurrency exchange negatively affected the entire market. Bitcoin price fell to the level of 15 thousand dollars after these major collapses.
As a reminder, what is written in this article is for informational purposes and is not investment advice.
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