The price of bitcoin topped the $30,000 mark for the first time since June 2022, continuing a crypto rally that began at the start of this year.

CoinGecko data showed bitcoin topping $30,000 late this evening, before it dipped slightly under the mark again. The world’s foremost cryptocurrency had earlier hit the threshold on crypto exchanges including Coinbase and OKX.

Bitcoin was last at $30,000 in June 2022, as it fell for a prolonged period from the dizzying heights of the 2021 bull market of the year before, which had seen it trading as high as $67,000, according to CoinGecko. Bitcoin fell precipitously from there to a low of around $16,000 late last year — a year marked by a string of catastrophes for the crypto sector, including the implosion of Sam Bankman-Fried’s FTX.

Bitcoin is up 79% on the year, its run underpinned by bank runs that called into question the resiliency of centralized banking options. Since the beginning of the year, bitcoin has gained 79%, while ether has risen 59%.

Rich Rosenblum, co-founder and president of GSR, the crypto market maker, said a desire for “de-dollarization” has helped spur bitcoin’s resurgence, suggesting that countries are buying gold and bitcoin as a means to gain independence from the U.S.

“On the world stage of sovereigns, a few billion dollars is small, but it can have a large impact on crypto, especially during a time of crimped liquidity,” he added.

Source: CoinGecko