First Time Bitcoin Tops $45,000 Since April 2022

(CTN News) – Bitcoin experienced a significant surge at the beginning of 2024, surpassing $45,000 for the first time since April 2022.

According to Coin Metrics, the world’s largest cryptocurrency reached an intraday high of $45,913.30 on Tuesday morning. This surge represents a 3% increase from its previous trading price, with Bitcoin currently trading at $45,194.73.

The growing confidence among investors regarding the potential approval of exchange-traded fund (ETF) has contributed to this upward trend.

If approved, the ETF would enable investors to track the price of bitcoin without directly owning the cryptocurrency, making it an attractive option for institutional investors. Recent updates to the registration forms of proposed bitcoin ETFs by companies like BlackRock have further fueled speculation that the U.S.

Securities and Exchange Commission may soon make a decision. Many experts in the industry anticipate the approval of these funds in January.

These positive developments build upon the remarkable performance in 2023, during which its value surged by 157%. As a result, there is widespread anticipation that the upward trajectory will continue.

Bitcoin is generating significant optimism among investors for the year 2024. It is widely anticipated that a decision regarding an ETF will be made in January.

Following this, the halving event is expected to occur in the spring, which has historically resulted in substantial price increases.

Additionally, Federal Reserve officials are predicting at least three interest rate cuts this year, a shift from the previous two years of rate hikes that negatively impacted the cryptocurrency.

In addition to Bitcoin, other cryptocurrencies experienced a surge in value overnight leading into Tuesday. Ether saw a 4% increase, trading at approximately $2,387, while Solana witnessed a notable 7% surge, reaching around $113.

SEE ALSO:

Coinbase Has Prepared For Bitcoin ETF Approval.