Bitcoin fans have had an interesting few months. The last quarter of 2022 was not the best for the coin, as prices dropped significantly following the energy crisis and the threat of increased US regulation on crypto as a whole. 2023, however, has been a much better year for the currency so far. Bitcoin reached above the $25,000 mark this week, which is the highest the currency has been since August 2022.
A Strong Growth
It is the highest recorded value for the currency since August 2022. This continued growth by the currency is incredibly impressive, considering that US governments are already beginning to crack down on crypto and trading platforms in the country. However, Bitcoin had continued to grow since last month, when it managed to pass the $23,000 mark.
The higher prices suggest that even though there is the threat of continued government interference, the demand for Bitcoin as a currency is still holding strong and growing every day. Considering the mass implementation of the currency across the world, this isn’t particularly difficult to believe. Bitcoin has become the de-facto ambassador for crypto as a whole, appearing as a legal tender in countries like Switzerland, as well as being heavily implemented in areas like El Salvador.
Can The Strength Continue?
Understandably, the growth of the currency is cause for celebration among crypto enthusiasts, but many are wondering whether or not this growth is sustainable and will continue throughout 2023. Ultimately, it boils down to a handful of critical factors.
The continuing energy crisis puts a big toll on Bitcoin particularly, which still uses the archaic mining system known for being energy-intensive. With energy at a premium these days, only time will tell if businesses and crypto-mining groups can afford to keep the computers running.
Obviously, the lingering concern of government intervention is still one of the biggest roadblocks for crypto as a whole. As the currency continues to grow and develop through the year, governments across the world will undoubtedly want to take a proper look at this currency, which has evolved from being an internet trend to a serious decentralised asset.
However, the current growth that is being seen for crypto is very encouraging. It suggests that there is plenty of demand for crypto as a whole, with Bitcoin still leading the charge as it has done for many years now.
Final Thoughts
Bitcoin Bible is thrilled to see Bitcoin grow. We constantly route for the currency to grow and return to its former glory. That was the norm just a few years ago. Reaching the $25,000 mark is no small accomplishment, and it suggests that the currency is back on the road to glory once more. We cannot wait to see what happens next and will be eagerly waiting for crypto to break new barriers in the coming months.
