The price of Bitcoin (BTC) has now risen above the key threshold of $30,000 U.S., its highest level in nearly a year.
Bitcoin has risen 80% so far in 2023. Last December, Bitcoin’s price was below $16,000 U.S.
Bitcoin, which trades around the clock, is now at $30,200 U.S., but had been as high as $30,432.83 U.S.
The largest cryptocurrency by market capitalization last topped $30,000 U.S. in June 2022.
The latest advance in Bitcoin’s price comes as the U.S. inflation rate for March came in at an annualized 5%, which was lower than the consensus expectation of 5.1%.
Investors are betting that the declining inflation rate will prompt the U.S. Federal Reserve to halt its interest rate increases, and that there could be a rate cut by year’s end.
At the same time, the price of Ethereum (ETH) continues to rally and is now near $2,000 U.S. per token as it undergoes an important update to its blockchain network.
Ethereum is trading at $1,937.03 U.S., its highest level in a year.
Cryptocurrencies have been rallying throughout this year and were given an added boost in recent weeks by the failure of several traditional banks in the U.S. and Europe.
