The Epoch Times
Bitcoin (BTC) hit its all-time high of more than $65,000 two years ago, in November 2021. Since then, it has been a bloodbath for the entire cryptocurrency market, and bitcoin has not been spared. Most of the “alt-coins” trying to ride the crypto wave led by bitcoin and ethereum lost more than 90 percent of their value amid multiple scandals, including the fraud and collapse of crypto exchange FTX.
Market leader bitcoin saw its price fall, top to bottom, by some 75 percent.
But there has been a noticeable change in market sentiment in the past few weeks. From the cyclical low of $16,800 in December 2022, bitcoin prices have since more than doubled to its current price above $34,500. Since FTX founder Sam Bankman-Fried, and by implication the entire crypto market, went on trial at the beginning of October, BTC has swum against the tide and risen by more than 25 percent. So what is going on?
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