Just 24 hours ago Bitcoin was hovering around $36,500, but has now once again reached $40k thanks in large part due to a massive jump just a few hours ago.
In the span of 30 minutes from 6:54am PST to 7:24 PST the price of Bitcoin rose from $37,864 to $39,535.
Although Bitcoin has only been above $40k for 2 hours so far today many investors are hoping that this could be the start of a climb back to 69k, especially since timid investors are psychologically influenced by seeing a 4 in front, instead of a 3.
Bitcoin has been consistently falling since it’s all-time high on November 10th and even recently reached a low of $33k just two weeks ago on January 24th which had investors scared that we would touch $29k.
As Bitcoin leads the way back it also brings along with it the rest of the market:
- Ethereum: +12.25% – ($2,959)
- Solana: +12.08% – ($109.76)
- Polygon: +8.26% – ($1.66)
- Crypto.com coin: +7.53% – ($0.43)
Super Bowl Hype?
With the Super Bowl now only one week away we have already seen news circulating that this may be in fact the “Crypto Bowl” due to the large number of cryptocurrency exchanges that have purchased an ad spot during the game.
Big firms like Crypto.com and FTX will be running ads, among others while Binance recently released a video warning viewers against celebrity crypto ads.
Part of this week’s growth could be in anticipation of a large influx of new users that will likely drive the value of the entire crypto market up.
For now investors are just hoping that Bitcoin can begin consolidating here at $40k and stay far away from those low 30’s.
As it is still extremely early in the day, it will be important to see how the price of Bitcoin fluctuates throughout the rest of the weekend and the following week.
Related: Binance Super Bowl Crypto Warning