- Bitcoin rose nearly $20,000, or 66.5%, over 30 days, signaling strong buying momentum
- The flagship token endured a controversial crypto revision along the way
Bitcoin Gained $19,600 in 30 Days
The leading cryptocurrency peaked above the $49,000 level on Friday while just 30 days prior it was changing hands at prices around $29,300. The substantial increase of $19,600, or 66.5%, marks one of the more impressive 30-day runs in bitcoin’s relatively short history.
Contentious Crypto Proposal Did Not Stop Bitcoin from Rising
Several challenges during this period could have weighed on the price. Arguably, one of the more notable stories has been the $1tn infrastructure bill passed by the Senate in mid-August. A controversial cryptocurrency provision created a wave of disagreement among crypto circles and even involved Tesla CEO Elon Musk who opposed the crypto amendment.
Lawmakers in Washington are yet to vote on the proposed infrastructure bill. However, several Senators have suggested a more crypto-friendly amendment to be taken into consideration.
The quick rise of bitcoin’s price over the past roughly four weeks was also accompanied by several speeches by the Securities and Exchange Commission Chairman Gary Gensler. Commenting on the cryptocurrency market and bitcoin, Mr. Gensler praised Satoshi Nakamoto’s innovation, Bitcoin. In spite of this, he also called for a base level of regulatory frameworks that would guard investors in the fast-emerging market.
Bitcoin’s Price on an Upward Trajectory
As events around the nascent cryptocurrency market keep coming, bitcoin’s price continues to recover. The original coin, now trading above $50,000 for the first time in three months, is about 20% away from its all-time high of $64,800 set April 14.
Challenges still remain and regulatory scrutiny is lingering. In the meantime, crypto proponents are confident the price of bitcoin would continue to grind higher. They predict that they will defy the odds while revolutionizing the way finances work.
On the technical front, the price of bitcoin has stepped over the 200-day moving average. This move is being largely interpreted as a signal for a continued bullish market. The last time bitcoin crossed that line was on April 30 last year when the digital currency was trading near $9,000 per coin and on its way to stratospheric gains for the remainder of the year.