Why Bitcoin Price is Up?

Recent trends have shown a notable uptick in the Bitcoin price, prompting questions about what is driving this surge and how it may continue to evolve.

In this article, we will explore recent events that affect the BTC price, analyze significant market trends, and provide a practical guide on how to buy Bitcoin using Trust Wallet. Whether you're looking to invest, or simply want to stay informed about the latest developments in the crypto space, this comprehensive overview will equip you with the knowledge you need to make informed decisions.

Before You Get Started

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Overview of Recent Bitcoin Price Action

Current State of BTC Price

Bitcoin, the world’s leading cryptocurrency, has demonstrated exceptional price movements throughout 2023 and 2024, often outperforming traditional assets like gold and stocks. As of the latest data, the BTC price has surged by 20.78% in the last three months, moving from approximately $52,500 to around $63,440. This remarkable performance highlights Bitcoin's resilience and growing adoption as a viable investment option amidst fluctuating economic conditions.

According to CoinMarketCap, Bitcoin’s market capitalization currently stands at approximately $1.25 trillion, making up 56% of the total cryptocurrency market. Below is a chart from CoinMarketCap illustrating the recent price action of Bitcoin:

This sharp rise reflects Bitcoin’s growing dominance in the cryptocurrency market and its increasing attractiveness to institutional investors. Despite its inherent volatility, the Bitcoin price has become a central focus for those seeking higher returns amid global economic uncertainty.

Key Insights Driving BTC Price Up

Several macroeconomic and market-specific factors have contributed to Bitcoin’s recent price surge. For example, on 20 September 2024, Bitcoin's price climbed by approximately 2.5% to over $64,120, coinciding with the Bank of Japan’s decision to maintain its interest rates, following a hike in August 2024. This stands in contrast to the U.S. Federal Reserve’s rate cut of 50 basis points on 18 September 2024. The Bank of Japan’s decision reduced risks associated with the unwinding of "yen carry trades," which had previously contributed to a 25% drop in the BTC price in August 2024. By keeping interest rates low, Japanese investors can continue borrowing yen cheaply and invest in higher-yielding assets like Bitcoin, further driving the BTC price upward.

In addition to macroeconomic factors, a 19 September 2024 report by VanEck highlighted Bitcoin’s extraordinary performance over the past 12 months. Bitcoin has outperformed nearly every other asset class, with its spot price up by 124% since September 2023. Bitcoin’s share of the overall cryptocurrency market has risen by 15% over the past year, further emphasizing its dominance.

VanEck predicts that Bitcoin’s long-term bull market will continue due to increasing institutional adoption and its role as a store of value. Previously, Bitcoin’s growth was driven largely by retail investors and innovations like “inscriptions,” which enabled users to store media directly on the blockchain. In 2024, however, Bitcoin’s appreciation is increasingly driven by its adoption as a vehicle for storing and transferring value, making it an attractive asset for investors looking to hedge against fiat currency volatility.

While Bitcoin itself is thriving, the report also mentions that Bitcoin miners have struggled due to the April 2024 halving, which reduced mining rewards by 50%. Miners’ profitability has decreased significantly, with the Bitcoin Hashprice down 97% year-over-year.

How to Buy Bitcoin Using Trust Wallet

You can buy crypto, including Bitcoin, using Trust Wallet, via our trusted partners. Here’s how:

• Select “Buy” from the home screen.

If using the mobile app:

• Search for “Bitcoin” or “BTC” and select it.

• Choose your preferred currency, then enter the amount of BTC you want to purchase.

• Select the third party provider & payment method you’d like to use.

• Select the Buy button and complete the remaining steps.

If using the browser extension:

• Choose your preferred currency and amount, then choose Bitcoin (BTC)

• Select your preferred third party provider.

• Complete the remaining steps.

How to Deposit Bitcoin to Your Trust Wallet Address

You can easily also deposit BTC from another Bitcoin wallet or from a centralized exchange, where supported. Here’s how:

• Select “Receive” from the home screen.

• Search for “Bitcoin” or “BTC” and select it.

From here you have two options. You can either:

1. Copy your deposit address and use that on your exchange account or other wallet to send funds to.

2. Use the “Deposit from exchange” option to deposit crypto from your exchange account.

Closing Thoughts

Bitcoin’s recent price surge has reaffirmed its position as a dominant force in the financial markets, outperforming nearly all other asset classes over the past year. Macroeconomic shifts, increasing institutional adoption, and its role as a hedge against fiat currency instability, have all contributed to Bitcoin’s growth.

Remember to secure your assets in a reliable Bitcoin wallet like Trust Wallet. You can also buy, send, store, or manage Bitcoin using Trust Wallet. Download the latest version of Trust Wallet today.

Disclaimer: Content is for informational purposes and not investment advice. Web3 and crypto come with risk. Please do your own research with respect to interacting with any Web3 applications or crypto assets. View our terms of service.

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Note: Any cited numbers, figures, or illustrations are reported at the time of writing, and are subject to change.