- 1 The oldest cryptocurrency, Bitcoin (BTC) begins 2024 at the price of $45K, reaching its all-time high since April 2022.
- 2 The upcoming spot Bitcoin ETF approval and Bitcoin halving could be the possible reasons behind the price upsurge.
The year 2024 is a strong start for BTC and is expected to be bullish. The outstanding start of BTC turned into a New Year gift for the coin holders. The cryptocurrency measured over $45K on the very first day of 2024, striking the highest level since April 2022.
Bitcoin’s Strong Start
Bitcoin strongly starts the year 2024 by knocking out the level of 45K and heading towards the level of 46K it will probably attain in the next few sessions. The price surged by more than 7% first time since 2022.
In the previous year 2023, BTC gave a return of more than 150% which is greater than traditional assets like gold or fixed deposits. Now, this year is also looking bright for the digital asset BTC as two main events are on the horizon. The first event is spot ETF approval and the second one is Bitcoin halving.
Bitcoin ETF has caused a significant buzz among the crypto society. Besides that, retail and institutional investors are also drawn to the BTC ETF.
Moreover, the asset management companies are also competing, doing marketing campaigns for spot ETF. Big companies like BlackRock Asset Management, VanEck, Valkyrie Investments, Bitwise Investment Advisers, Invesco Ltd., Fidelity, WisdomTree Investments, and a joint venture between Ark Investments and 21Shares have taken part in the spot ETF race and submitted their updated documents.
As per the report of Reuters, the ETF might be approved by 10 Jan.
At the time of writing BTC is trading at the level of $45512 and the market cap has grown by 7%. Moreover, the volume has increased by 111.60% and the 24-hour trading volume is $31.678 Billion with a market cap of $890.563 Billion.
Furthermore, the impact of the bitcoin rally is not bounded as it reached the stock market. The top cryptocurrency companies like COIN, MSTR, MARA, and RIOT showcase pre-market gains. Coinbase rose by 6.34% and is trading at $184.95, MicroStrategy is up over 9%, and other cryptos like Marathon and Riot both gained by more than 10%. The data proves the curiosity among investors regarding spot bitcoin ETF.
Bitcoin is surging high, breaking the barrier of 45K, and heading upward to the next level. The main catalyst behind the rally is the upcoming approval of spot ETF and the Bitcoin halving had to come in April. Analysts are speculating the price could reach the level of 50K or further above.
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.