Alex Dovbnya
Bitcoin is getting closer to the $20,000 target, with risk-in sentiment regaining its popularity
Bitcoin, the largest cryptocurrency, reached the $19,000 level earlier today on the Bitstamp exchange.
Over the last 24 hours, the flagship coin has added 5%.
It is believed that the latest cryptocurrency rally was driven by the risk-on sentiment from other markets.
Bloomberg was recently informed by Jake Gordon, of Bespoke Investment Group, that trading with stocks and other risk assets seems to be the largest cryptocurrency.
After experiencing some volatility today due to fresh inflation data, the tech-savvy Nasdaq Index, which trades in tandem alongside Bitcoin, is now also in green.
The December consumer price index (CPI), which showed cooling inflation, appears to have pleased the market.
Gordon also noted that Bitcoin has ended a long period of trading within a narrow range.
It remains to see if the ongoing rally will be sustainable.
The market should be ready for more volatility with major banks announcing earnings on Friday.