Why Bitcoin Is Rallying This Month

A number of factors are behind bitcoin’s New Year rise, according to analysts, including an increased probability of interest rates being lowered and purchases by large buyers known as “whales.“Filip Radwanski | Sopa Images | Lightrocket | Getty ImagesBitcoin has begun 2023 on a positive note, with the price of the world’s largest digital token up roughly 28% since the start of January.On Saturday, bitcoin’s price rose above $21,000 per coin for the first time since Nov. 7.It’s still a far cry from the $68,990 record high bitcoin notched in Nov. 2021. But it has given market players cause for some optimism.The month-to-date rally follows a grim 2022, which saw major insolvencies and scandals in the crypto industry, including the collapse of FTX, and a sharp pullback in the broader market linked to central bank actions.Analysts say that a number of factors are behind bitcoin’s New Year rise, including an increased probability of interest rates being lowered, as well as purchases by large buyers known as “whales.“Ne …