On the Bitstamp exchange, the price of Bitcoin (BTC) briefly spiked to $47,765 at 00:34 a.m. UTC, the highest level since January 3.
After the dramatic price increase, the cryptocurrency briefly turned positive for the year. It’s worth noting, though, that it’s still 32.11 percent short of reclaiming its all-time high of $69,044.
At the time of writing, Bitcoin was trading slightly around $47,000 on key spot exchanges, battling to maintain its climb.
Image by tradingview.com
Due to risk-off sentiment generated by the Federal Reserve’s aggressive U-turn, the leading cryptocurrency performed poorly at the start of the year. This month, Bitcoin raised the benchmark interest rate for the first time since 2018.
Over the last two weeks, the world’s largest cryptocurrency has gained nearly 26%, putting bulls back in control. However, whether or not this rise will last remains to be seen.
Some of the largest cryptocurrencies have benefited from Bitcoin’s growth, with Ethereum (ETH) up 5.27 percent in the last 24 hours.
Polkadot (DOT) is the best-performing altcoin in the CoinMarketCap top 10 right now, up more than 8%.
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