Bitcoin price today: Big suraprise as Crypto hits $45,000 mark; stealth rally set to continue
Bitcoin price today: Crypto's stealth rally over the past two weeks not only pushed it past a key level of $45,000 -- it also put the world’s biggest cryptocurrency back in positive territory for the year. The cryptocurrency -- up more than 15% since March 11 -- traded at about $46,600 as of 7:10 p.m. New York time, beyond the upper end of what had been a narrow $35,000-to-$45,000 range since early this year. With the fresh gains, the coin is now up about 0.6% for the year.
If Bitcoin can keep breaking through “in a meaningful way,” it should gain a lot of upside momentum, said Matt Maley, chief market strategist at Miller Tabak + Co.
The coin has been stuck in a tight path as the Federal Reserve and other central banks remove some of the stimulus measures they put in place in response to the pandemic downturn. That means there’s less cash to go toward riskier assets, including crypto. In addition, digital currencies came under scrutiny with speculation swirling that they could be used to skirt Russian sanctions, though many analysts rebuff that claim.
Still, Bitcoin rallied this month alongside broader increases in U.S. stocks.
“As we test the top of the 2022 trading range for the fifth time, this is another one of these Bitcoin moments when the narrative could swiftly change and investors pile in, propelling the Bitcoin price higher,” said Antoni Trenchev, co-founder and managing partner at Nexo. “It might just be time to awaken from the Bitcoin-sideways slumber that’s been 2022.”
Though crypto assets under management grew in March, aggregate trading volumes fell 30% to $259 million, the fifth consecutive month that they failed to break this downward trend, according to a report from CryptoCompare.
Bitcoin was well
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