Bitcoin, the largest cryptocurrency by market capitalization, crossed US$47,000 on Monday Asia time after a sudden spike, the first time since early January.
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- Bitcoin has traded below US$45,000 since January, but broke out to trade at US$46,823 on Monday at press time.
- The volatile asset peaked at US$47,302 in the last 24 hours.
- Most of the top 50 cryptocurrencies ranked by CoinGecko mirrored Bitcoin’s price action on Monday morning Asia time, with the global crypto market capitalization flirting below US$2.2 trillion.
- “We can look towards the fact that stocks have been trading very, very well. They have been supported despite concerns around the war in Ukraine and, of course, the Federal Reserve tightening. We do need to be mindful that cryptocurrencies have been trading like a risk asset,” City Index senior market analyst for APAC Tony Sycamore told Forkast.
- Bitcoin has recently been embraced by Terra founder Do Kwon, who plans to rack up US$10 billion worth of Bitcoin as reserves for its stablecoin ecosystem.
See related story: Bitcoin, crypto market on the rise along with global markets