• Bitcoin’s price has risen 12% in the past week, with positive economic data such as US inflation figures, UK economic growth, and similar news from France and Germany contributing to the market’s bullish sentiment.
• Now may be the best time to buy BTC, as the virtual currency appears to have left the bear market bottom behind and is leading the crypto market in a renewed bull market.
• The data invites the suspicion that the global economy is beginning to turn a corner after the Ukraine war and long Covid threat of a recession last year.
The cryptocurrency market has had a very good couple of days, with the Nasdaq jumping by 4.1% in a week, and Bitcoin leading the charge with a 12% increase. This comes after the publication of positive US inflation figures yesterday, and more encouraging economic data from the UK, France, and Germany.
The UK economy grew by 0.1% in November, a surprise result given the economic uncertainty caused by the Ukraine war and long Covid. This, combined with the US inflation figures, suggests that the global economy has begun to turn a corner and is emerging from last year’s bear market.
The renewed bullish sentiment has been felt across the cryptocurrency market, with Bitcoin at the forefront of the trend. The virtual currency is currently trading at almost $19,000, a 4% increase in the past 24 hours and a 6% rise in the last 30 days.
Given its status as the original cryptocurrency with the biggest market cap and strongest network, Bitcoin is likely to be a major player in any renewed bull market. This makes the current time a great opportunity to buy the virtual currency, as it appears to have left the bottom of the bear market behind and is leading the crypto market in a renewed bull market.
The data suggests that the global economy is beginning to recover from last year’s recession and is on the road to recovery. With the Nasdaq rising by 4.1% in a week, and Bitcoin leading the charge with a 12% increase, now is the perfect time to invest in the top cryptocurrency. The virtual currency has a strong network and is well-positioned to benefit from any future bull market, making it a wise investment for the foreseeable future.