Bitcoin, the world's most valuable cryptocurrency, has been rising and has reached $23,333 for the first time since August 19. Over the weekend, BTC broke through the $23,000 barrier for the first time in five months, making it exciting for the cryptocurrency market.
Meanwhile, Ethereum, the second-largest digital coin, reached $1,664.78 for the first time since November 7, 2022.
The reason for its bullish trend, on the other hand, could be attributed to institutional investors, who are increasing their holdings in anticipation of the next bull run.
The price of bitcoin (BTC) has recently increased, benefiting both short-term and long-term investors, according to on-chain statistics.
It is also worth noting that the percentage of Bitcoin holders who are now profiting in the short term has risen to 97.5%, the highest level since November. Long-term BTC holders, on the other hand, have benefited from Bitcoin.
Aside from that, investors ignored the numerous issues confronting the cryptocurrency industry, most recently Genesis Global Holdco LLC's petition for Chapter 11 bankruptcy protection. As a result, the BTC gains were unaffected.
The global cryptocurrency market has maintained its upward trend and is currently flashing green near the $1.06 trillion mark. This came after bitcoin, the world's most valuable cryptocurrency, broke through the $23,000 barrier for the first time in five months, indicating that the cryptocurrency market is entering a new era.
However, institutional investors, who are increasing their holdings in anticipation of the next bull run, are the primary drivers of rising BTC demand.
Bitcoin, the world's largest digital asset, is in an unusually upbeat mood after rising by more than 36% this month.Read more on cryptonews.com