As of May 2022, the cryptocurrency market is performing better than it has in years, with Bitcoin and Ethereum surpassing $41,000 and $2,200 respectively. The recent surge has lifted the value of the entire cryptocurrency market to $1.54 trillion, a peak expected in 2023. Experts claim that the anticipation of a US Federal Reserve interest rate decrease in 2024 and the potential approval of a Bitcoin ETF, which might raise the value of the biggest cryptocurrency in the world, have contributed to the growing confidence in the cryptocurrency market.
Details on Bitcoin hits a $40000 mark
Commodity prices have risen due to macro-level expectations of a Federal Reserve interest rate decrease. In the last month, Bitcoin has increased by almost $15,000 while gold has reached record highs. Fund managers anticipate an 80% consensus level for a trend of interest rate decrease in 2024, the greatest level of consensus ever recorded, given the possibility of a US economic recession. The good news has already been taken into account by the cryptocurrency market, according to Ryan Lee, Chief Analyst at Bitget Research.
