Bitcoin beats $25,000 in June before dropping

August 16, 2022: -In June, Bitcoin shortly increased by $25,000 to reach its highest level before decreasing as the cryptocurrency works to make any important move higher.

On Sunday, the world’s biggest digital coin popped past $25,000 for the first time since mid-June, the CoinDesk data said.

Bitcoin sold at $24,153.44 at around 08:31 a.m. ET on Monday, down over 1% from 24 hours earlier.

Cryptocurrencies grew in the previous month following a rise in U.S. stocks. Digital currencies such as bitcoin have been moderately correlated to the movement in stock markets, especially the tech-heavy Nasdaq, which was up around 12% in the last month.

Investors have been gaining more bullish after economic data showed inflation pressures could be easing a bit.

Bitcoin was up around 15% in the exact period, but it is still down nearly 48% this year. The crypto market has been a few months, with trillions wiped off its value and bankruptcies and liquidity issues afflicting several players.

The cryptocurrency has been trading since June from almost $20,000 to $24,000. While it has shown attempts to push higher, it has worked to create a powerful breakout. But there are now signs of a small rally.

“BTC resumes to display signs of bullishness mainly due to higher highs and lows being formed,” Vijay Ayyar, vice president of corporate development and international at crypto exchange Luno, told.

Bitcoin’s rise can also be attributed to a rally in alternative coins or altcoins. Ether was up 56% in the previous month, far outpacing the gains made by bitcoin.

That’s because investors are excited about a significant long-awaited upgrade to the ethereum network that could improve the efficiency of transactions. Ether is the cryptocurrency that runs on the ethereum blockchain.

The upgrade, known as the “merge,” ran its final dress rehearsal the previous week. That rally in ether is also providing through to bitcoin.