Barron’s Dedicated Today's Editorial to Resurgence of Bitcoin

The Barron's dedicated today's editorial to Bitcoin (BTCUSD). The magazine reported that Bitcoin BTCUSD +3.39% and other cryptocurrencies rose on Tuesday, with the leading digital asset breaking through a key level and reaching its highest level since the “crypto winter”. Amid somewhat elevated investor optimism, the largest cryptocurrency by market capitalization announced it was approaching that threshold three weeks ago, topping $29,744 in the afternoon, its highest level since early June. But the cause of the movement is difficult to pinpoint. It is currently trading at $29,616.

The price of Bitcoin jumped 6% in the last 24 hours to peak at $30,100. The largest cryptocurrency by market capitalization consolidated at around $28,000 in weeks before prices climbed for the last time amid the current surge due to concerns about the moneyprinting needed to aid the ill-fated SVB’s and other recently failed banks’ clients. At the same time, Bitcoin has advanced by 80% since the beginning of the year, which pointed to increasing chances of a new rally.

Larry Lepard, founder and managing partner at Equity Management Associates, recently published his view saying “it’s now obvious that the dollar will continue its decades-long spiral of depreciation”, to the benefit inflation resistant assets like BTC.