Bitcoin returns to the $30,000 mark, the cryptocurrency market revives

On the night of April 11th, the price of Bitcoin surpassed the psychologically important mark of $30,000. At the moment of reaching its peak, the exchange rate reached $30,430 on the Binance exchange, returning to the levels of June 2022.

At the time of writing the article, the price of Bitcoin had slightly corrected, standing at around $30,040. The significant increase in the value of the first cryptocurrency stimulated activity in the rest of the market. The top 20 most capitalized coins also demonstrated positive dynamics. Over the last 24 hours, the total capitalization of the crypto market has increased by 4.2%, reaching $1.28 trillion, according to CoinGecko data.

Since the beginning of 2023, the value of Bitcoin has grown by 79%, outperforming the dynamics of Ethereum, which has appreciated by 59%. In the first quarter of 2023, Bitcoin outpaced the growth of all other asset classes. At the same time, its correlation with risky assets, such as US stocks, continued to decline. An increased interconnection with gold is also noted, while the correlation with the US dollar remains negative.

Rich Rosenblum, co-founder and CEO of GSR, noted that the desire for "de-dollarization" has contributed to the revival of interest in Bitcoin. He expressed the opinion that countries are starting to acquire gold and digital assets as a means of strengthening their positions and ensuring independence from the US.