The crisis of the American banking system created favorable conditions for the growth of cryptocurrencies. The most noticeable increase in the value of bitcoin. The most popular digital coin crossed the $29 thousand mark. Although the asset is far from its peak, when the bitcoin price exceeded $68 thousand, the positive dynamics is clearly visible.
The collapse of large banks in the United States led to another wave of distrust towards the traditional financial system. The United States has established a new program of state support. It will help banking institutions to fulfill their deposit obligations.
In other words, the American authorities “started the printing press”, which was good news for the cryptocurrency community. It is logical that under such conditions bitcoin is growing, and rapidly. Before the banking crisis, the value of BTC was only $16.5 thousand.
What other cryptocurrencies are waiting for growth. Will attract $10 million new project – Love Hate Inu
Analysts have made a positive forecast for the bitcoin rate. However, an increase in the value of other digital assets is expected. The Love Hate Inu project deserves special attention.
This is a cryptocurrency platform for online voting. Users get the opportunity to participate in online polls, earning digital coins.
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The platform hosts votes related to sports, culture and other areas of society.
To participate, it is enough to purchase a token of the project and block it in staking for at least 30 days. Thanks to the reliability of the site, the anonymity of voting is guaranteed and manipulation of the results is excluded.
The online polling market is worth billions of dollars, and its prospects are huge. The Love Hate Inu project integrates this sphere into the blockchain world for the first time. The new cryptocurrency has a huge potential. According to analysts, the project will attract millions of dollars in the near future.
Dignities of Love Hate Inu:
- Combination of online surveys and cryptocurrency.
- Opportunity to earn digital coins during the polls.
- Big plans for the development of the project (adding surveys, making deals with big brands).
- Interest from investors due to the potential of the direction.
Bitcoin is becoming more expensive again. Reasons for the growth of the first cryptocurrency
In 2023, BTC has risen in value by about 50%. Traders and investors are wondering why bitcoin is growing in this period and what are the objective reasons for this behavior of the first cryptocurrency.
As already noted, digital gold is now becoming more expensive because of the crisis in the American economy. The fall of banks and taking them under state control are the main factors in the growth of cryptocurrency.
The US Federal Reserve allocated $25 billion to help financial institutions. Even digital coin-friendly banks Signature Bank and Silicon Valley Bank have been affected by the crisis.
Crypto investors are confident that part of this financial flow will hit the digital coin sector, and this in turn will affect the value of digital currencies. Obviously, the positive outlook regarding bitcoin is justified. Some analysts believe: altcoins will also increase in price.
There is another reason for the increase in the price of BTC. It is established that the coin historically grows in April. In the period from 2018 to 2021, the increase in the bitcoin rate in this month was at least 40%. This is evident in the results of the analysis of macro indicators, and the changes are associated with the end of the cryptozyme.
However, in 2022, the picture was somewhat different. In April, not only was there no serious growth of the coin, but there was a drop in BTC from $45 thousand to 38.7 thousand.
Bitcoin forecast for May
Will bitcoin grow further? Many analysts noted the high probability of such a scenario. Some experts argue that the coin will grow to $30 thousand and more. Others consider it realistic to achieve indicators at the level of $40 thousand.
At the same time, a positive assessment of the future rate of bitcoin prevails. Most experts are confident that the coin will continue to grow. The question is what exactly will be the value of the asset.
Bitcoin’s prospects
The price of BTC depends on the demand for cryptocurrency. This coin is rightly considered an indicator of the entire digital industry. According to the most optimistic forecast of the price of bitcoin, in the coming years, BTC can grow to $100-120 thousand. Features of the asset that will help the rate to strengthen – in the table.
| Assertion | Commentary |
|---|---|
| When BTC will start to be actively used in trading and exchange, this scenario will be real. This cryptocurrency is called digital gold for a reason. | |
| The blockchain component is one of the main elements of the high value of the asset | |
| The volume of exchange transactions with this coin amounts to billions of dollars. Already in the near future, BTC may become part of the global financial system. | |
| Although BTC has a limit of 21 million coins, thanks to the mechanisms embedded in the network, digital gold will be mined for at least 110 more years |
Bitcoin is simple to exchange, impossible to counterfeit. Also, the asset has a limited issue. The volume of exchange transactions with this coin is billions of dollars. Already in the near future, BTC may become part of the global financial system.
Fears about the cessation of mining are unfounded. Although BTC has a limit of 21 million coins, thanks to the mechanisms embedded in the network, digital gold will be mined for at least 110 years.
Conclusion
The problems in the sector of traditional economy, which arose as a result of the banking crisis in America, turn to the distrust of users to fiat currencies. In such a situation, there is a growing interest in digital assets.
At least, the cryptocurrency industry is starting to increase again. Bitcoin is also rising in value. A similar trend is becoming characteristic of some other coins and tokens.
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Author: Saifedean Ammous, an expert in cryptocurrency economics.
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