The price of %Bitcoin ($BTC) has risen above $18,000 U.S. as the current rally in the largest %DigitalToken gathers steam.
Bitcoin’s price has now risen for nine consecutive days, its longest winning streak since late 2020. Since the start of the year, Bitcoin has gained nearly 10%.
Other %Cryptocurrencies are also rallying, with the price of %Ethereum ($ETH), the second-largest digital token, up 17% so far in January.
Bitcoin and Ethereum each saw their prices decline more than 60% in 2023 as volatility and a wave of bankruptcies hit the cryptocurrency sector.
The price of Bitcoin was up 4% in New York trading at $18,240 U.S. per coin, its highest level in nearly six months. Ethereum’s price was up 5% at just over $1,400 U.S.
The current rally in crypto has been sparked by increasing hopes that inflation has peaked and is cooling in the U.S.
The latest data released by the U.S. Labor Department showed that the U.S. inflation rate declined to 6.5% in December, its lowest level since October 2021.
News that advisers in the bankruptcy of cryptocurrency exchange %FTX have recovered $5 billion U.S. of assets that were believed to be missing has also helped to fuel the current momentum in Bitcoin, Ethereum and smaller cryptocurrencies.