After Bitcoin Price Rallies 12% to $19k is it Time to Buy Top Crypto Coin?
The bitcoin price has risen by 4% in the past 24 hours, almost hitting $19,000 after the publication of positive US inflation figures yesterday. Its current price marks a 12% gain in a week and a 6% rise in the last 30 days, as signs of an improving global economy raises hopes that 2023 will correct 2022's bear market.
Given its status as the original cryptocurrency with the biggest market cap and strongest network, bitcoin is likely to be at the forefront of any renewed bull market. And now may be just about the best time to buy the virtual currency, which appears to have begun leaving behind its bear market bottom.
It's not only positive US inflation figures that have changed investor sentiment, but the publication of other encouraging economic data. This includes the surprising news that the UK economy actually grew in November (by 0.1%), as well as similar recent updates for France and Germany.
Taken together, such data invites the suspicion that the global economy is beginning to turn a corner after the Ukraine war and long Covid threatened a recession last year. As a result, markets have had a very good couple of days, with the Nasdaq jumping by 4.1% in a week.
This includes the cryptocurrency market, which is up by 3% today and by 11% in seven days. Bitcoin has outpaced these market-wide gains, and it's likely that it will continue to do so in the short- and medium-term.
There are various reasons for this. Most simply, BTC has historically led cryptocurrency bull markets, as witnessed in 2020-21 and late 2017. It therefore stands to reason that the rest of the market won't rise significantly without bitcoin moving first.
More fundamentally, bitcoin continues to attract institutions more than any other cryptocurrency,
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