Bitcoin rises above $30,000 for the first time since June 2022

Yahoo Finance Live’s Brad Smith breaks down the rise in bitcoin on Tuesday morning.

Video transcript

BRAD SMITH: Switching gears here a bit, Bitcoin leading a crypto rally this morning. Let's check in on the digital currency market, taking a look first here at Bitcoin BTC USD. You'll see over the past five days, holding onto gains of about 7.2%. But here is a key marker that we've crossed the threshold on a perhaps psychological market.

But it does have some significance here, getting back up above $30,000. And as of right now, sustaining above that level, we'll see if we hold on to that. You'll, of course, recognize that that is one of the highest levels that we have seen, essentially, in over the past nine months here.

This is a 52-week look here. And, of course, the last time that we were above $30,000, you can go all the way back to May of 2022. And so, with all of that in mind, of course, we've had a few things take place most recently that's reinserted some confidence year to date within Bitcoin. But most notably, that coming early in March or mid-way, early through March, where you saw a lot of the banking turmoil really thrust so much attention towards the cryptocurrency landscape, Bitcoin one of the beneficiaries there.

I'll pull up some of the other major cryptocurrencies that have risen as well in tandem here. Let's take a look at Ether, or Ethereum. You're seeing that up on the day by about three-and-a-quarter percent. That has not quite gotten back above 2,000 here, but we'll put this on a year-to-date view for you as well, just to see some of that activity that we've been also monitoring throughout the cryptocurrency landscape.

Ethereum, you're seeing that mid-March move take that higher end to one of the year-to-date highs that we've seen as well. So, year-to-date highs for Ethereum as well as for BTC USD. Also want to take a look at the Binance coin here and just see exactly how that's doing.

Year to date, that is up by about 34%, 35%. And here today, up by about 5 and 1/2%-- or 5.4% right now. Julie.

JULIE HYMAN: I mean, it's all relative when we're looking at Bitcoin, though. If you look at the chart, going back a little further--

BRAD SMITH: Yeah.

JULIE HYMAN: Yeah, it's the first time that we've hit 30,000 in 2003, but if you look at a longer-term chart, we're still way below where we were the previous highs. But, you know, bulls will say we'll reattain it. We'll see.