Bitcoin, which recently surpassed $87,000, has entered a period of consolidation after reaching its highest level in about eight months.
According to CoinMarketCap, a global cryptocurrency market site, Bitcoin was trading at $86,257, down 0.12% from the previous day as of 8 a.m. on the 23rd. This marks a 14.07% increase compared to a week ago.
After rising more than 7% over the past five days, Bitcoin broke through the $87,000 mark yesterday, achieving its highest price since January.
Despite ongoing negative news, the upward trend has led to speculation in the market that the prolonged bear market this year may be nearing its end.
In fact, Bitcoin's price had briefly plummeted on September 15 after the U.S. Senate failed to advance the Clarity Act, a proposed legislation for the cryptocurrency market, coupled with the Federal Reserve's interest rate hike. However, it quickly recovered from those losses.
The recent decline in international oil prices is also believed to have positively influenced investor sentiment in virtual assets. Expectations of a recovery in oil supply from the Middle East have caused Brent crude to fall below $100 per barrel as of September 22.
Major altcoins have also paused after their recent surges. Ethereum was trading at $2,746.05, down 1.16% from the previous day, while Solana fell 1.45% to $117.76. Ripple (XRP) decreased by 0.56% to $1.56, and Binance Coin (BNB) dropped 2.73% to $783.62.
Meanwhile, at 8 a.m. on the same day, Bitcoin was trading at 115,566,000 won ($85,329) on Bithumb, reflecting a 0.51% decrease from the previous day. The 'Kimchi Premium,' which indicates the extent to which domestic prices are higher than international prices, was recorded at -0.927%.
* This article has been translated by AI.
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