also edged higher in early-morning trading, having logged double-digit gains the previous trading session.. It was up 6.3% over 24 hours at $30,091 at last check Tuesday.
Some analysts labeled the move through a key resistance level as a potential breakout moment for digital asset prices overall. The leading token has jumped 82% year-to-date thanks to investors' expectation that the Federal Reserve will soon pause its interest-rate hikes. Recent turmoil in the US financial sector is another factor, as investors look around for places other than banks to park their cash.
"Over the past month, investors were focused on recent banking turmoil and economic implications," a team led by Bank of America strategist Alkesh Shah said in a research note Tuesday."Digital assets were likely a beneficiary of uncertainty."