Bitcoin has experienced a significant surge, gaining 7.2% in the past 24 hours. During the Tuesday morning Asian trading session, the leading cryptocurrency reached an intraday high of $45,498. This impressive rally comes after a relatively flat performance over the holiday weekend, signaling a bullish start to the new year. These price movements have propelled Bitcoin to its highest level since March 2022, nearly two years ago. Furthermore, with this surge, Bitcoin is now just 34% away from its all-time high of $69,000 recorded in November 2021.
Prominent figures in the crypto space have expressed their optimism about Bitcoin’s future performance. Cameron Winklevoss, co-founder of Custodia Bank, believes that Bitcoin is well-positioned to be the best-performing asset of the year for the second consecutive time. Similarly, Caitlin Long, CEO of Custodia Bank, confidently stated that Bitcoin is already the best-performing asset of 2024.
Trader and analyst “Nebraskangooner” has set his sights on a potential next leg up to $48,000 if the current momentum continues. This upward momentum appears to be stemming from the anticipation surrounding spot Bitcoin ETFs. Charles Gasparino, a reporter for Fox Business, revealed that the SEC is still processing the necessary paperwork for spot Bitcoin ETFs, with an announcement expected later this week. Furthermore, rumors are circulating that the spot Bitcoin ETF will be approved, adding to the growing excitement in the market.
Well-known Bitcoin advocate Max Keiser remains highly optimistic about the cryptocurrency. Keiser believes that the recent pullback in interest rates is temporary, and bonds are in a secular bear market. He argues that stocks are overbought and real estate is in a bubble. According to Keiser, the only safe haven for storing wealth without fear of confiscation is Bitcoin.
Experts in the ETF space have identified January 10 as a potential date for approvals. However, an announcement from the SEC could be made before the week’s end. The surge in Bitcoin’s price has also propelled the total market capitalization to its highest level since May 2022, reaching $1.82 trillion. The cryptocurrency market as a whole is now just 40% away from its peak levels in November 2021, when the total market cap exceeded $3 trillion.
Bitcoin’s impressive rally has had a positive effect on other cryptocurrencies as well. Ethereum, the second-largest cryptocurrency by market capitalization, has seen a 4.7% gain, reaching $2,385 at the time of writing. Other altcoins that are experiencing significant price increases include Solana, Cardano, Avalanche, Polkadot, and Chainlink.
Bitcoin’s recent surge to new highs has generated excitement and confidence in the cryptocurrency market. With the anticipation of spot Bitcoin ETF approvals and the strong performance of other altcoins, the market outlook appears positive. As the new year kicks off, investors and enthusiasts alike are eagerly watching the developments in the crypto space, ready to capitalize on the opportunities that Bitcoin and other digital assets present.