• Bitcoin has risen 12% in the past week and 6% in the past 30 days
• Positive US inflation figures, growing UK economy and similar news from France and Germany have improved investor sentiment
• Bitcoin has historically led bull markets, and its price chart shows rising momentum, making now a good time to buy
The cryptocurrency market has been on a roll lately, with the bitcoin price rallying 12% in the past week and 6% in the past 30 days. This surge is largely attributed to positive US inflation figures released yesterday, which have raised hopes that the global economy is finally beginning to turn a corner after being threatened by the Ukraine war and long Covid last year.
The news has been welcomed by markets across the board, with the Nasdaq jumping 4.1% in a week as investor sentiment turns bullish. The cryptocurrency market is no exception, with the overall market up 3% today and 11% in seven days. Bitcoin, the original cryptocurrency with the biggest market cap and strongest network, has outpaced these increases, and is likely to continue doing so in the short- and medium-term.
The evidence of a new bullish trend is clear to see in its price chart over the past year, which shows a positive upward momentum. This is further supported by the recent news that the UK economy surprisingly grew by 0.1% in November, as well as similar updates from France and Germany. All this data suggests that the world is on the road to recovery after the shock of 2020, and that now could be the best time to invest in bitcoin.
Bitcoin has been leading cryptocurrency bull markets for a long time, and its current price marks the start of what could be a period of great prosperity for the crypto market. Those who decide to invest now would stand to benefit greatly from the potential upside, as bitcoin is likely to be at the forefront of any renewed bull market. As such, it could be a good time to buy the virtual currency before it leaves behind its bear market bottom.