Bitcoin Nears $31,000: Why It’s Going Up

Written by The Anand Market

Updated on:

Bitcoin, a type of digital money, is getting more valuable. It went up by 2.19 percent and is now worth $30,543.48 on Monday. In the last seven days, it went up by 9.5 percent and is close to $31,000 now.

Bitcoin had some hard times in the past. It reached its highest value ever on November 10, 2021, at $68,789.63, but then its value dropped. Now, things are different because Bitcoin‘s value is going up again.

At this moment, Bitcoin is worth a lot – about $596.19 billion, which is 2.2 percent more. In the last 24 hours, people traded a lot of Bitcoin – $16.14 billion worth. In the last month, it went up by 14.91 percent.

October has been good for Bitcoin. In October, its price went up by about 12.7 percent.

bitcoin nears $31,000: why it's going up
Bitcoin Nears $31,000: Why It’S Going Up

Why is Bitcoin going up again? There are some reasons. First, on October 21, many people bought Bitcoin, and this made people who were betting it would go down change their minds. They had to buy Bitcoin too, and this made Bitcoin more popular.

Also, a person named Jerome Powell said the United States might not raise interest rates. This news made Bitcoin go up too. On October 19, Bitcoin went up by 3.7 percent after he said this.

Lastly, some good news about a different cryptocurrency called Ripple made Bitcoin go up. Ripple had some legal problems with the government, but the problems got smaller. This made Ripple go up by 8 percent, and this good news affected Bitcoin too because cryptocurrencies are connected.

Also Read:   Binance's Spot Market Share Dips to 34.3% – What's Behind the Decline?

In conclusion, Bitcoin is becoming more valuable, and there are some reasons for it. It had some hard times, but now it’s getting better. People are hopeful about its future, and we’ll see if it can reach $31,000 soon.