Bitcoin Prices Rise for 10 Consecutive Days...Longest Streak in 8 Years

[Image source=Yonhap News]

[Asia Economy Reporter Kim Suhwan] Bitcoin prices have risen for 10 consecutive days, setting the longest upward streak in 8 years.

Bloomberg reported on the 31st (local time) that Bitcoin prices have increased for ten consecutive days since the 21st, based on Coordinated Universal Time (UTC).

According to daily price records from cryptocurrency information site CoinMarketCap, Bitcoin rose from $29,800 on the 20th to $32,100 on the 21st and continued to climb, surpassing $42,000 on the 30th.

The 10-day consecutive rise is the longest streak since 2013, according to cryptocurrency information media CoinDesk.

Bitcoin approached an all-time high of $65,000 in mid-April but plunged sharply due to crackdowns on Bitcoin miners in China and Tesla's suspension of Bitcoin payments, trading around the $30,000 level for several months.

However, Bitcoin began to rise in July, recording an 18% increase this month.

Bitcoin prices reached as high as $42,390 on the 31st, the highest since May 20, Bloomberg reported.

The cryptocurrency industry is also analyzing that the worst phase of the Bitcoin bear market may be over.

Coinbase, a cryptocurrency exchange listed on Nasdaq, stated in a market analysis memo, "This week feels different," and that "the greatest fear of price decline seems to have disappeared."

Pankaj Balani, CEO of cryptocurrency derivatives exchange Delta Exchange, forecasted, "It is not surprising that Bitcoin is expanding its price from $30,000 to $42,000 and attempting to break through $45,000."

Balani added, "However, there is still a long way to go to surpass $50,000," and "Entering the $50,000 range will trigger a bullish reversal in the cryptocurrency market."

As of 2 PM Pacific Time (6 AM Korea Time on August 1), Bitcoin was trading at $41,520.19, up 1.60% compared to 24 hours earlier.

Ethereum rose 2.66% to $2,490.64, and Dogecoin increased 1.07% to $0.20.

This content was produced with the assistance of AI translation services.