Bitcoin, the top cryptocurrency, has bounced back strongly, recovering all losses since the crypto market downturn in May 2022. Today, it’s steadily nearing its record high of $64,000, last seen in November 2021.
With investors rushing into cryptocurrency exchange-traded funds (ETFs), Bitcoin's price is rising rapidly, bringing it back to early 2021 levels.
The value of Bitcoin, the biggest cryptocurrency by market cap, jumped 3.4% to $62,205 after briefly touching $63,933 overnight Thursday, its highest level since late 2021.
This rise shows renewed confidence in the cryptocurrency market, helped by ETFs making crypto trading easier for investors.
US market sentiment towards Bitcoin is shifting positively, with big investors continuing to buy Bitcoin. This suggests long-term optimism and makes Bitcoin more appealing to investors looking for steady gains.
This surge is a big moment for Bitcoin and could lead to more growth in the future. It also shows Bitcoin is gaining acceptance as an investment.
Bitcoin holders expect the price to keep rising, possibly exceeding $69,000.
As Bitcoin hits new highs, 2024 is predicted to be its big year, with expectations reaching $100,000.
Bitcoin surged notably after approval was granted for cryptocurrency exchange-traded funds (ETFs) focused on immediate Bitcoin.
Optimism grew when the US Securities and Exchange Commission greenlit 11 of these funds in mid-January, allowing institutional investors to join the Bitcoin market, leading to increased demand and significant price rises.
These funds allow institutional investors to trade Bitcoin at its current price. Previously, Bitcoin ETFs were limited to trading futures contracts, complex financial tools suitable only for experienced investors.
After the approval of the first Bitcoin ETFs for immediate trading in the US, the world’s oldest cryptocurrency skyrocketed. It surged over 42% since the year began, jumping from under $50,000 at approval time to over $60,000 today.
