The value of Bitcoin reached $30,438 in Asian trade, gaining about 6% since the start of the month. In March, the most popular cryptocurrency gained 23% in value.
The token’s surge in value comes after a troublesome year, marked by the collapse of FTX, a cryptocurrency exchange, in early November 2022.
The new surge in value reflects the investors’ hope that the Federal Reserve will stop hiking its interest rates higher following the recent collapse of the Silicon Valley Bank and the market turmoil in the banking sector.
“The reason behind the broad-based rally in crypto is traders’ optimism towards central banks’ monetary policy”, said Tina Teng, markets analyst at CMC Markets. “Bets for a sooner Fed pivot on rate hikes have been dramatically strengthened following the banking turmoil in early March”, Teng continued.
Ether, the second largest cryptocurrency, reached last week $1,942.50, an eight-month peak.
The crypto hiring market has seen a similar growth in popularity, with crypto-related new hires reaching 1,500 in the last six months, according to GlobalData.