DIKSIA.COM - Bitcoin's market capitalization has reportedly surged by 50 percent, reaching a staggering $5.19 billion, its highest point in the past two years.
This surge comes as investor confidence in digital assets has rebounded following the bankruptcy of several major banks in the United States.
The emergence of this pressure has led investors to shift towards crypto assets instead of investing in the dollar, especially as the US dollar has been losing ground in the international market over the past few weeks.
Due to the impact of the tightening of interest rates by the Fed and the recent trend of dedollarization, where countries have been replacing the dollar with other fiat currencies, investors are now turning to Bitcoin.
As a result, the cryptocurrency has experienced a sharp surge and has been hailed as the best-performing asset in the first quarter of 2023.
“The clarity of regulations continues to drive the adoption of Bitcoin amidst the bustling trade in the Crypto industry,” explained Michael Saylor, one of the founders of MicroStrategy, as quoted by Cointelegraph.
Furthermore, Michael Saylor predicts that Bitcoin's dominance will continue to rise, reaching a market capitalization of 80 percent, despite the current regulatory pressures from the U.S. Securities and Exchange Commission (SEC) affecting the crypto market.
Before Bitcoin recorded a green report, its trading volume at the beginning of 2023 had increased by 30 percent to $77 billion.
Not only that, Bitcoin's dominance has also surpassed the performance of NASDAQ stocks, which only gained 15.7 percent in April 2023.
Although investors are showing positive sentiment towards Bitcoin, caution is advised to prevent potential losses as Bitcoin's movements are highly prone to fluctuations.
As of the past 24 hours, the price of Bitcoin has surged by 7.79 percent, reaching $28,9666, surpassing the dominance of Ethereum, which has remained at around $1820.99, as reported by Coinmarketcap data.
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The information provided in this article is for informational purposes only and should not be considered as financial or investment advice. Cryptocurrency investments are subject to market risks, and readers should exercise caution and do their due diligence.