Bitcoin price breaks through $30 000.

In the early hours of April 11, Bitcoin crossed the level $30 000. At one point the price hit $30 430 on the Binance exchange, a level last seen in June 2022.

As of writing, the price had pulled back somewhat. The top cryptocurrency was trading near $29 970.

The rapid ascent of the top cryptocurrency has buoyed the rest of the market. This is what the top-20 by market capitalization looks like:

Over the 24 hours, total crypto market capitalization rose by 4.2% to $1.28 trillion, according to CoinGecko.

Since the start of the year, Bitcoin has risen by 79%, while Ethereum has gained 59%.

In the first three months of 2023, Bitcoin outpaced every other asset class in growth.

NYDIG: The price of bitcoin skyrocketed during the quarter rising 71.9%, far surpassing all other asset classes. Bitcoin’s correlations with “risk-on” assets, like US equities, have been steadily declining this quarter. Bitcoin’s correlations with gold ticked up in the last few… pic.twitter.com/1P8a6GqhhF

— Wu Blockchain (@WuBlockchain) April 10, 2023

In this quarter its correlation with “risk-on” assets such as US equities has steadily declined. At the same time, in recent weeks the correlation with gold has strengthened notably. Its correlation with the US dollar remains negative.

Co-founder and CEO of GSR, Rich Rosenblum stated that the push for “de-dollarization” helped spur Bitcoin’s revival. He suggested that countries are buying gold and digital assets as a means of shielding themselves from the United States.

“On the world stage, several billions of dollars — that’s not a lot, but it can have a big impact on cryptocurrency, especially in periods of limited liquidity,” Rosenblum added.

The Fear and Greed Index stands at 68, indicating investor optimism.

Against the rally, the cryptocurrency exchange Bybit experienced technical difficulties. Due to a surge of traders, some users could not close orders.

this is not normal ! there is a lot of money at stake here! pic.twitter.com/kjQdCU4vtS

— EliZ¥ (@eliz883) April 10, 2023

Back in March, CNBC’s poll of major players projected Bitcoin to rise to $100 000.