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Bitcoin Hits Its Highest Point Since May 2022 After Hitting $35,000

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Bitcoin (BTC) has hit its highest point, not only this year but since May 2022. The largest cryptocurrency in the market reached a price per coin of $35,000 in some exchanges and the trend could continue in the coming months. But what is pushing Bitcoin higher? 

Bitcoin Hits Its Highest Point Since May 2022

According to CoinGecko, Bitcoin surpassed the psychological level of $35,000 for a short period of time. In the last 24 hours, Bitcoin registered a price increase of 9.2%. Meanwhile, in the last 7 days, the gains reached 18.5%. Its market capitalization has also grown by $50 billion in a matter of days. 

Bitcoin price

Other virtual currencies in the top 10 registering large gains were Solana (SOL) with an increase of 32% in the last 7 days, and XRP, moving higher by 14% during the same period of time. Ethereum (ETH), the second-largest virtual currency, is now being traded at around $1,775 per coin and it reached a market cap of $215 billion. 

As mentioned at UseTheBitcoin in the past, one of the reasons that could have pushed BTC to the current price is linked to the upcoming halving event that is expected to take place in mid-2024. The halving event tends to be bullish for BTC as the new issuance of Bitcoin is reduced by 50% (in this case from 6.25 BTC per block to 3.125 BTC per block). 

If Bitcoin’s new issuance is reduced, it is going to be more difficult for miners to add selling pressure if demand increases, hence pushing prices higher.

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