Crypto Silver Lining: Bitcoin Price Rises Over $31,000

Bitcoin’s value has remained stable at around $30,000 recently as stocks and the cryptocurrency market try to rebound from the May crisis. But now, uncertainty has returned. Bitcoin is currently valued at $23,484. The Bitcoin price rises over $31,000 in June 2022.

The value of bitcoin had dropped by 16% and to $23,549.32, the lowest in 18 months. Nevertheless, it managed to keep its standing at over $31,000 at the start of June. The price of Ethereum, on the other hand, was $1,935.16, down 1.88 percent in the last 24 hours. 

But, there have been beams of optimism Wednesday morning, with many main currencies returning to positive territory. Is this a sign that the crypto crisis is now over? Let’s have a check.

Current Crypto Market Condition 

Since November, the entire crypto market has been under pressure, falling from a high valuation of $3 trillion to $1.3 trillion as of Monday. Bitcoin and other cryptocurrencies have fallen in tandem with stock prices as investors worry about rising inflation and the possibility of a worldwide recession. 

The unexpected Terra and Luna crash shook the capital markets. They caught the eye of Washington officials working to provide comprehensive control of the virtual currency sector.

Bitcoin’s all-time high is still in the early days of January, when it nearly surpassed $48,000 on January 2. Since its all-time high of $68,000 on November 10, Bitcoin has dropped more than 50% of its revenue, and today, as of June 13th, 2022, the Bitcoin price stands at $23,463 lowered by 16% in 2 days.

Bitcoin in 2022

Because the marketplace and shareholders have not rebounded from last month’s crypto crash, the world’s biggest crypto by market value has been failing to break over the $31,000 threshold, showing a low-risk appetite among crypto players. 

Although Bitcoin’s valuation has dropped dramatically since November, its record highs in 2021 and market valuation are still remarkable given its early roots and a value of less than $10,000 as early as July 2020. 

Certain analysts like WazirX Trade Desk wrote in a statement that BTC is stabilizing at around $29,000 and $31,000 hourly. For a big pullback, it may also break over $31,000.

When Ethereum, the second most popular cryptocurrency, surpassed $4,800 in November, it set a new all-time top. Even though Bitcoin and other cryptocurrencies both have had high points and lows since then, many analysts still believe Bitcoin’s value will surpass $100,000 at a certain stage. 

The instability reveals a long-term fact about Bitcoin: it remains a volatile and controversial digital asset. In fact, after setting a new high in mid-April, the first cryptocurrency quickly lost over 50 % of its value, plummeting to roughly $30,000 by mid-July. 

Crypto Experts About Bitcoin Price Rises Over $31,000

Tim Draper, the venture capitalist with 1.2 Billion Dollars, owns 29,656 bitcoins. He has been a staunch follower of cryptocurrency. 

According to Draper, most technologists are currently focusing on strengthening bitcoin by adopting its protocols or promoting it as a payment method to introduce it to the mainstream. 

Tim Draper, Venture Capitalist at Wolf of All Streets: 

One thing that will most likely happen – but I am not sure when – is that women will start using BTC. Earlier, one in 14 BTC holders was a woman and now it is 1 in six and it will eventually be even,

He continued:

And that can change everything. All of a sudden, all the women will have BTC wallets and will be buying things with BTC and you are going to see the BTC price will blow right through my $250,000 estimate,” 

The move, set to take action in November, is expected to improve transactional privacy and effectiveness. 

According to CNBC, it also intends to uncover the possibilities for smart contracts on the blockchain network. For the next two to three decades, he expects bitcoin will be at the core of all economic transactions. 

On the other hand, Bitcoin’s worth is erratic, and there are questions about its massive energy consumption. Experts advise just spending as much capital in bitcoin as you can stand to lose for this and other considerations.

Conclusion: Will Bitcoin Price Rises Over $31,000?

Although Bitcoin managed to stay around $30,000 during the week, it was a somewhat tumultuous week, but the market generally stabilized over a longer period. In terms of momentum, the coming week could be critical for the cryptocurrency market.

If you’re considering buying Bitcoin, be prepared for more volatility. As a result, experts advise limiting your cryptocurrency assets to less than 5% of your whole investment portfolio.

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