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For the First Time Since April 2022, Bitcoin Reaches $45,000 as the Wild Cryptocurrency Rally Continues

Bitcoin experienced a significant surge on Monday, surpassing $45,000 and reaching its highest level in almost 21 months. The cryptocurrency hit an intra-day high of $45,519.52, marking its peak since April 5, 2022. This milestone is the first time it has crossed the $45,000 threshold since that date. In early Tuesday trading, Bitcoin continued its rally, reaching an intra-day high of $45,883 before slightly retracing its gains. Nevertheless, it maintained a trading value around $45,600, reflecting a 7% increase for the day.

The upward momentum in Bitcoin’s price follows a stellar performance in 2023 when the digital coin saw a remarkable 152% increase. Many market observers anticipate this positive trend to persist. Traders are particularly excited about the potential approval of the first bitcoin exchange-traded fund (ETF) in the U.S. Such approval would enable investors to purchase a product tracking Bitcoin’s price without directly owning the cryptocurrency, making it an attractive option for institutional investors.

In addition to the ETF prospects, 2024 holds the promise of a significant event known as the “halving.” This technical occurrence involves halving the rewards provided to cryptocurrency miners, leading to a reduction in the supply of bitcoin in the market. Historical data indicates that previous halving events have often preceded substantial price surges.

The positive sentiment in the cryptocurrency market extended beyond Bitcoin. Other digital assets also experienced rallies on Tuesday. Ether, the native cryptocurrency of the Ethereum network, traded at approximately $2,427, reflecting a 6% increase. Solana, another popular cryptocurrency, surged by 12%, reaching around $114.

The collective optimism in the market is fueled by the anticipation of regulatory developments, such as the potential ETF approval, and the upcoming halving event, reinforcing the positive outlook for cryptocurrencies in 2024.