Bitcoin approaches $19,000 price mark
The cryptocurrency's market value hit $18,975 today.
The value of Bitcoin (BTC) is now close to $19,000.
The asset was worth $18,975 at 9:00 p.m. UTC on Jan. 12. That price represents a gain of 8.05% in one day, as the asset was priced close to $17,561 just 24 hours ago.
Bitcoin’s sudden gains may be due to the Consumer Price Index (CPI) update that was released earlier today. That report matched estimates of 6.5% year-on-year inflation, and Bitcoin prices more or less remained stable at the time of the report.
Anticipation of the CPI report also gave Bitcoin a foundation to build on earlier today. Prior to the release of the CPI data, Bitcoin’s prices were near $18,250. Following a subsequent drop in value, Bitcoin quickly recovered and prices rose further.
Despite Bitcoin’s gains, some professional investors such as Peter Schiff recommended that Bitcoin holders sell in advance of the CPI data report. Schiff noted that Bitcoin was at a three-week high, implying that the asset would likely lose value following the report. He called this an “excellent opportunity for HOLDers to sell” Bitcoin for gold.
Though Schiff’s prediction has not yet proven correct, it is of course possible that Bitcoin will lose value in the near future.
Bitcoin is, as always, the largest cryptocurrency by a wide margin. However, its sudden price gain has also helped it climb the ranks against stocks and other traditional assets. With a market capitalization of $365 billion, it briefly became the 20th largest asset, ranking above Mastercard (MA) and Facebook or Meta (META).
The asset’s growth has also led to gains elsewhere in the crypto market. Ethereum (ETH) is up 6.7% over the past 24 hours, while the crypto market overall is up 5.5%.