Bitcoin starts the year with a bang
The digital market flagship cryptocurrency Bitcoin has started the year with a bang, climbing to a 21 month high.
There’s continuing expectations that the Securities and Exchange Commission in the US will approve the Blackrock approval for a Bitcoin ETF.
(AI Video Summary)
Bitcoin gets a strong new year start
The cryptocurrency market had a strong beginning in 2024. Bitcoin, a major cryptocurrency, saw significant gains because people were excited about the possibility of the Securities and Exchange Commission (SEC) approving BlackRock's application for a Bitcoin ETF. This caused the price of Bitcoin to go above $45,500, the highest it had been since April 2022. To put it into perspective, the price had increased by a whopping 194.78% from its lowest point in November 2022, showing a major upward trend.
Reason for the surge
The main reason for this surge was the anticipation surrounding BlackRock's ETF application, which continued to push the price of Bitcoin higher. Experts believe that Bitcoin will be a hot topic in the market throughout the year. Another popular cryptocurrency, Ether, also experienced gains during the weekend and subsequent trading sessions, reaching levels similar to those seen in May 2022. While it didn't surpass its recent highs, Ether has followed a similar upward trend as Bitcoin.
Overall, the cryptocurrency market has had a positive start in 2024, mainly because people are excited about the possibility of BlackRock's Bitcoin ETF being approved. This has attracted significant investor interest and caused the prices of both Bitcoin and Ether to rise to impressive levels. It's something worth paying attention to as these cryptocurrencies are seen as potentially profitable investments in the market.
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