The world’s largest cryptocurrency has surpassed $45,000 USD, reaching its highest level since April 6, 2022. Currently, Bitcoin is trading around $45,300 USD. Other cryptocurrencies are also on the rise, with Ethereum up 4.82% and BNB surging 19%. On the other hand, Solana is down 6% and Avalanche is down over 10%.
Bitcoin has risen over 15% since December 2023, fueled by expectations of the approval of a Bitcoin ETF. The US Securities and Exchange Commission (SEC) will make a decision on this proposal on January 10, 2024.
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Top 10 cryptocurrencies
Source: CoinMarketCap
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In addition, there is also a fear of missing out (FOMO) phenomenon in the US and Europe ahead of the decision on January 10, 2024, and investors have “started buying early in the morning of the new year,” shared Hayden Hughes, co-founder of the Alpha Impact trading platform.
Traders expect Bitcoin to soon reach the $50,000 USD mark, thanks to optimism about the ETF.
The resurgence of Bitcoin in the past 12 months is driven by expectations of the Fed lowering interest rates. This upward trend has recouped some of the losses from the 2022 crash. Currently, the world’s largest cryptocurrency is still well below its record high of nearly $69,000 USD, set during the pandemic in 2021.
Vũ Hạo (According to Bloomberg)
