The crypto market is subject to constant fluctuations. But 2023 has proven to be a year like no other. This is because all major crypto coins have seen a major recovery so far this year. And this is in contrast to the kind of market we were looking at just a year ago.
In fact, Bitcoin is doing so well that its price is now more than $30000 per coin. And this is the first time this has happened in a year. On top of this, Ethereum (ETH) is not far behind at $2000 per coin. But the good news doesn’t end here.
The Bank of America has revealed that digital assets have now crossed an important milestone. This report was done by several crypto researchers. And their conclusion is that crypto in general is currently on the rise. In fact, they expect that the market will go through a large boom in the coming months. This boom will potentially add $300 billion to Bitcoin’s market cap.
The price of Bitcoin continues to grow in 2023. Along with this, other coins are following the same trend. In fact, experts speculate that Bitcoin could peak at more than $45000. This figure comes after analysis of Bitcoin’s performance on the market over recent years.
They also warn that Bitcoin may not reach the same high as in the past. But it does point to a future where the favourite coin remains the most valuable of them all. This event is comparable to the 2018 drawdown. And it’s made many investors continue to add Bitcoin to their list of valuable assets.
During the year of 2018, the coin lost 84% of its value. By this stage, it was down to $3000 per coin. But the next year, in 2017, the market did a flip. This means that there was a major bull run. And Bitcoin’s value was $20000 just a year later.
The price of Bitcoin is always changing. And this is the same for Ethereum. But both coins are in a phase of recovery. This is good for investors that did not sell their coins during the bust.
At the same time, others remain sceptical. In fact, many feel that this is a sign the coin is slowing down. And they also believe that it’s a good time to start changing focus. Ethereum continues to be a major player in the room. And these smaller coins are becoming more valuable.
The moment of the coin has been slowed a little bit. This is because of the optimistic outlook of investors when it comes to alt coins. And speculation now points to the fact that altcoins are the future. Keep in mind that everyone shares this sentiment. But as we move forward, altcoins will accrue more interest. And Ethereum leads the pack at the moment. This is because it’s now worth more than $2000 per coin.