The price of Bitcoin on May 8 continues its upward trend, reaching 97,803 USD/BTC, an increase of 749 USD (+0.77%) compared to the previous session.
Bitcoin is approaching the 98,000 USD mark, with the market expecting to exceed its historical peak.
At 8:58 AM on May 8, the price of Bitcoin (BTC) reached 97,803 USD, up 0.77% compared to 24 hours earlier. This is the highest level since the beginning of March, marking a strong recovery of the world's largest cryptocurrency.
According to data from TradingView, in the past month, Bitcoin has increased by 23.58%, and if calculated from the beginning of the year, the recorded increase is 4.76%. Compared to the same period last year, Bitcoin has risen by more than 56.9%, and when looking at the past 5 years, the increase is up to 877%.
The rise of Bitcoin is supported by the Federal Reserve's decision to maintain interest rates during the meeting on May 7. At the same time, concerns about the risk of stagflation (high inflation combined with slow growth) have led investors to seek safe-haven assets such as Bitcoin.
