Bitcoin rallies past $47,000 for the first time in 2022

Some experts believe cryptocurrencies may gain more value this week.
Ameya Paleja

The world's most popular cryptocurrency, Bitcoin, has broken even for the first time this year, Coin Desk reported. The altcoin has been on an upward trend for the past week, after crashing from its year-along highs in November last year. 

Bitcoin, as well as other cryptocurrencies, saw a sharp uptick after the coronavirus pandemic began, a couple of years ago, even making a world record during this time. Bitcoin saw its values drop sharply towards the end of 2021 and while the currency is valued relatively higher than it was in its older past, investors and enthusiasts would be more interested in seeing it repeat its successes of 2021 and go beyond.

Upward Trend

After a rather dull start to 2022, that saw the altcoin consistently shed value, Bitcoin is now showing signs of regaining this past glory.  Over the past few days, the coin value has been on the rise and briefly crossed the $47,201 mark. While this is far from the highs of $65,000 that users saw last year, it is higher than the 50-day moving average of the currency, which currently stands at $41,085, according to a Bloomberg report. 

Experts believe that the cryptocurrency lost some of its shine early in the year and banks withdrew the fiscal stimulus measures that were taken during the pandemic. As the Russian war was about to unfold, fears about the use of cryptocurrencies to sidestep economic sanctions, also kept the demand low. 

Earlier this month, cryptocurrencies began their upward march, alongside U.S.-based stocks. It is not just Bitcoin but also Ether, Solana, Cardano, Dogecoin as well as Shiba Inu that have seen their values bloom and are also seeing the number of trades rise, Coin Desk reported.

Experts believe this week will see cryptocurrencies make more gains but warn of volatility as the quarter comes to an end, later this month. 

With the recent gains, Bitcoin is up 1.4 percent this year, while the S&P 500 has seen a 4.7 percent decline, Bloomberg said in its report. 

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