Start of 2023 Sees Bitcoin Price Skyrocket
Since the beginning of the new year, bellwether cryptocurrency Bitcoin has seen its valuation soar back to life.
Bitcoin (BTC) is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer Bitcoin network without the need for intermediaries.
Bitcoin has been praised for its potential to disrupt traditional financial systems and for its potential to empower individuals by allowing for decentralized, peer-to-peer transactions. However, it has also been criticized for its association with illegal activities, lack of stability, and the potential for hacking & theft.
The most recent instance where a scam has taken place is with Jim Cramer’s Bitcoin price predictions to his audience! Jim Cramer is a well-known financial analyst and television personality, best known for hosting the popular television show “Mad Money” on CNBC.
Cramer is considered to be one of the most influential figures in finance for predicting the opposite of which a stock will be moving. Recently, Cramer made the call to “Get Out” of Crypto. Since Cramer’s bold prediction, Bitcoin has risen by 30%.
Overall, Bitcoin is a decentralized digital currency that still has the potential to disrupt traditional financial systems, but it also comes with inherent risks. However, Bitcoin has crossed the 1 trillion global market cap mark once again! It’s essential for individuals to thoroughly research and understand the technology and market before investing in any cryptocurrency.
Meanwhile, technical analysis suggests “bitcoin has started a new bull market and is headed for $24,000, where the psychologically important 200-week moving average and the 161.8% Fibonacci level of the momentum from the December lows are concentrated.”
Bitcoin (BTC) is currently trading at $22,902.90, up +o.31% on the day. YTD, BTC is up +37.93%.
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Disclaimer: Wealthy VC does not hold a position in any of the stocks, ETFs or cryptocurrencies mentioned in this article.
