As Bitcoin fans continue to celebrate the 14th anniversary of the genesis block, the price of the number one cryptocurrency rose to almost $19,000 per coin on Thursday, according to CoinGeckolevels not seen since September 7, 2022, when BTC traded at $19,280 per coin.
The total market capitalization for the overall crypto market is at $943 million, up 5.1% in the last 24 hours.
BTC started 2023 trading around $16,550, and broader financial market developments appear to have had a positive impact on prices as recession fears began to fade after the Federal Reserve released its December Consumer Price Index (CPI) report.
The CPI report measures the rate of change in the prices of various goods and services in the United States and is used as a critical indicator to measure inflation.
While better—or at least dire—economic forecasts may be driving an upward trend Bitcoinsome also point to El Salvador’s recent movement to settle digital asset law and made way for the so-called Volcano Bond. Latin American countries will use these Bitcoin-backed bonds to pay off debt and finance Bitcoin City in the future.
In March 2022, El Salvador placed the bond along as the harsh crypto season begins to set in, take down several important entities, including TerraLuna, Celsius, Voyager Digital, and FTX.
Calming recession fears are also good for other cryptocurrencies. EthereumThe number one proof-of-stake blockchain, trading at $1,425.27, rose 6.2% on Friday, but ended the day down 0.2%, trading at $1,408.40, according to CoinGecko.
So, as the crypto season continues to hit the industry, there may be a glimmer of light thawing at the end of the tunnel.
