Bitcoin price reaches $35,000: Is the crypto winter over?

Bitcoin price reaches $35,000: Is the crypto winter over?

The crypto currency Bitcoin briefly reached the $35,000 mark, making it its highest level in over a year. In the last 30 days, the value of Bitcoin has increased by around 30 percent. Although the price is still far from its all-time high of just under $70,000, other cryptocurrencies have also benefited from this uptrend. Ether, the second largest cryptocurrency, has risen almost eleven percent in the last 30 days. The native token of Solana (SOL) has even increased by over 70 percent. Memecoins like Pepe also saw high price increases.

The rising prices of Bitcoin and other cryptocurrencies are giving many investors and crypto enthusiasts hope that the bear market, i.e. the ongoing low phase in prices, could be over. The bankruptcies of several crypto companies in the summer of 2022 signaled the end of the boom phase for crypto assets. The bankruptcy of FTX, a major crypto exchange at the time, led to a loss of confidence in the entire industry.

Experts see the current price increases as a possible bull run or bull market, which is longed for by many crypto enthusiasts. Elisa Albrecht, a crypto expert, explains that rising prices can reinforce and fuel the bull market. However, it is too early to predict the next big boom in the crypto market. Whether the price development is justified or in proportion to the progress and user adaptation does not matter for the market and the prices.

Despite the euphoria, Albrecht warns against making hasty investment decisions based on the current mood. It is important to build a solid basic understanding of cryptocurrencies and understand the underlying assets. She recommends only investing in tokens that you at least fundamentally understand. It is also advisable to develop a long-term strategy in order to be able to ride out price fluctuations and avoid losses. You should only invest in cryptocurrencies as much as you are willing to lose.

According to a report from t3n.de, there is now an opportunity for those interested to get started with cryptocurrencies. However, people willing to invest should be aware that short-term success can also be associated with luck. For long-term success, a solid foundation of know-how is necessary.