Bitcoin surpasses $30,000 for first time since summer 2022 - analysts expect rate to rise to $40,000

The world's largest cryptocurrency has surpassed the $30,000 mark for the first time in 10 months. The last time Bitcoin was worth that much was in June 2022.

Here's What We Know

At the time of writing, Bitcoin is worth $30,125, according to Coinmarketcap. The cryptocurrency gained more than 6% in a week, with its market capitalisation reaching $582.7bn.

Bitcoin's price rose as high as $30,438 in trading. The jump in the exchange rate has been attributed to investors expecting an end to monetary tightening by the US Federal Reserve. Some analysts believe the cryptocurrency will rise to $40,000 in the future.

Naturally, Bitcoin is dragging other cryptocurrencies with it. Ethereum in particular has traded as high as $1942. At the moment, one ETH coin is valued at nearly $1921, with a market capitalization of $231.35 billion.

Source: Coinmarketcap