On the morning of April 11, the value of the first cryptocurrency surged, exceeding $30,000, which marked a ten-month high.
The rate of bitcoin approached $30,500 before experiencing a minor decline, and at present, BTC is being traded at $30,090.
The previous time bitcoin’s value hit this level was back in June 2022, but it plummeted afterward.
According to analysts, this point is highly significant for bullish investors since if they manage to establish a foothold above $30,000, it will unlock a path to new heights.
Nonetheless, not everyone shares this optimism. For instance, a WhaleWire user on Twitter believes that the surge is just a temporary artificial increase.
They claim that Tether is generating billions of USDT, providing fake liquidity to lure new investors into the cryptocurrency market, and then withdrawing the tokens once they have attracted enough fresh liquidity.
Indeed, the market capitalization of the largest stablecoin has increased by $14 billion this year.
However, it is noteworthy that the capitalization of other tokens like USDC and BUSD has decreased.
Additionally, analysts at Santiment observed that whales shifted 22,000 BTC ($655 million) during the rise of bitcoin.
Recently, analyst Willy Woo provided macro indicators that support the notion that the first cryptocurrency’s capitalization is trending upwards.
He anticipates that bitcoin will continue to appreciate in value in the future.