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At the end of the trading session on Wednesday, BItcoin showed a sharp rise of 4%, as a result of which the asset closed near $40,100. The asset demonstrated spectacular growth and other risky assets followed suit.
At the time of writing, Bitcoin is trading at $41,000. According to CoinGecko, the world's largest aggregator of data on digital assets, the total capitalization of the crypto market increased by 3.5% to $1.90 trillion over the past 24 hours. Meanwhile, the BTC Fear and Greed Index increased by 3 points to 24 points over the past 24 hours.
Since early March, the flagship cryptocurrency has shown a decline of 6%. For almost the whole month, Bitcoin has been trading sideways within a range of $37,000-$42,000, hovering without any attempts to break through its boundaries. Bitcoin lost more than 16% in January, and during February its price rose by 12%.
In November 2021, BTC reached its all-time high, soaring above $69,000. Since then, the cryptocurrency has gone on a steady decline and has fallen by more than 40%.
By the end of 2021, Bitcoin increased by 1.6 times to $46,200 from $28,900.
On Wednesday, BTC grew for the second day in a row amid the strengthening of stock indices and the weakening of the US dollar. Yesterday, the US Federal Reserve raised its benchmark rate by 0.25%, following this news, the crypto market and other risky assets began to rise sharply.
Experts make the most unexpected predictions about the future of BTC because of its unpredictable trading. The day before, well-known crypto skeptic Peter Schiff stated that the further growth of BTC depends on fluctuations in the value of gold and major stock indices (in particular, the NASDAQ stock index).
According to the expert, BTC may increase if the NASDAQ index climbs, while Bitcoin's main competitor, gold, falls. The US Federal Reserve should drop inflation by 2% with a minimal rate hike and reduce government spending.
By the way, back in 2021 Peter Schiff criticized every impressive bitcoin crash and predicted the imminent collapse of the cryptocurrency market. However, he talks about the growth prospects of the first digital coin under certain conditions.
According to analyst firm Glassnode, investors withdrew BTC estimated at $1.2 billion from cryptocurrency exchange Coinbase during the previous week, the highest amount since the summer of 2017. Experts believe that this signals about traders willing to hold the leading digital asset in the long term.
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