Bitcoin experienced a significant surge on Monday, surpassing $45,000 and reaching its highest level in nearly 21 months. This upward momentum in the cryptocurrency market extends into 2024.
In the early trading hours of Tuesday, bitcoin further extended its rally, reaching an intra-day high of $45,913 before slightly retracting. Nevertheless, it continued to trade around the $45,300 level, reflecting a 6% increase for the day. These continued price gains for bitcoin follow its impressive performance in 2023, during which the digital coin’s value rose by 152%. Many analysts anticipate these substantial gains to persist. The growing anticipation revolves around the potential approval of the first bitcoin exchange-traded fund (ETF) in the United States. Such a development would enable investors to obtain a product that tracks the price of bitcoin without directly owning the cryptocurrency itself, which would likely attract larger institutional investors.
Source (CNBC)
