Bitcoin's price has been on a relentless upward trajectory this year, has surged by 133% year-to-date, surpassing the $38,000 mark on Friday morning. It is the highest level for the cryptocurrency in the past year and a half.
The digital asset (usually looked online as BTC-USD) almost touched $39,000, clocking in at $38,900 at 5:05 am ET, its highest level since May 2022, before pairing its gains. Bitcoin had briefly touched $38,000 last Friday after Thanksgiving Holiday.
The surge follows a drastic fall for Bitcoin from its all-time high of roughly $69,000 in November 2021 to a cycle-low of $16,000 in 2022. The fall was exacerbated by a series of scandals and crashes in the industry, including the collapse of the Luna-Terra stablecoin ecosystem and the implosion of Sam Bankman-Fried's FTX, who was convicted of fraud and money laundering and could be sentenced to dozens of years in prison.
The "crypto winters," as the industry names periods of dismal performances, have been a staple of the digital asset market, taking place in 2011, 2015, 2017, as well as 2021 and 2022. The 2023 rally points to an end to it, though some analysts believe it's not over yet.
The anticipation a new bull market for the asset has been partially driven by the potential approval of a Bitcoin spot ETF. Crypto advocates argue that this adoption would further expand acceptance of the asset from more mainstream investors, as key Wall Street players would make them available through more traditional channels.
Analyzing the rally, market expert Scott Melker told to Forbes: "$38,000 is a key level of resistance, as this was the price where Bitcoin was trading before the LUNA collapse."
Is the current Bitcoin Price a relief for Latinos in Crypto?
Latin American countries and the U.S. stand out for their widespread adoption of cryptocurrency, according to a study by Chainalysis. While the U.S. and Brazil primarily witness institutional usage and store-of-value transactions, many Argentines and turn to digital assets to manage their countries' inflationary challenges.
In the U.S., Latinos emerge as the most interested demographic in cryptocurrency, according to a survey conducted by Morning Consult. The study reveals that while 69% of all U.S. adults identified as "white" (non-Latino, Black, Asian, or other ethnicity) , only 62% of cryptocurrency owners are.
Among Latinos, the proportion is reversed. While 24% of cryptocurrency owners are Latino, only 16% of U.S. adults overall "identify as Hispanic".
The upward momentum in the market could bring a sense of relief to Latino cryptocurrency holders impacted by the downturn in all such assets since November 2021.
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