Bitcoin has experienced a significant surge, gaining 7.2% in the past 24 hours, reaching an intraday high of $45,498 during the Tuesday morning Asian trading session. This surge comes after a period of relative stability over the holiday weekend. As the first working week of the new year begins, Bitcoin is making its presence known, reaching its highest level since March 2022, almost two years ago. Furthermore, Bitcoin is now just 34% below its all-time high of $69,000 reached in November 2021.
Prominent figures in the crypto community have expressed their optimism for Bitcoin’s performance in 2024. Cameron Winklevoss stated that Bitcoin is already showing signs of being the best-performing asset of the year, just as it was in the previous year. Caitlin Long, CEO of Custodia Bank, echoed this sentiment, proclaiming Bitcoin as the best-performing asset of 2024. These predictions further contribute to the positive outlook surrounding Bitcoin’s future.
Trader and analyst “Nebraskangooner” has set his sights on $48,000 as the next target for Bitcoin’s upward momentum. With the current trend still being driven by spot ETF (Exchange-Traded Fund) hype, the market is eagerly awaiting the SEC’s (Securities and Exchange Commission) decision on spot Bitcoin ETFs. Charles Gasparino, a reporter for Fox Business, has indicated that the SEC is in the process of reviewing the necessary paperwork, with an announcement expected by the end of the week. Additionally, rumors have circulated about the approval of the spot Bitcoin ETF this week, heightening anticipation among investors.
Max Keiser, a well-known Bitcoin advocate, emphasized that Bitcoin remains the only safe haven asset in the world. Keiser argued that the recent pullback in interest rates is temporary and that bonds are in a secular bear market. He also highlighted the overbought nature of stocks and the bubble in the real estate market. Keiser’s remarks underscore the value proposition of Bitcoin as an asset that can be stored without fear of confiscation.
As Bitcoin continues its bull run, the total market capitalization of the cryptocurrency market has reached its highest level since May 2022, standing at $1.82 trillion. This surge marks a 40% recovery from the peak levels witnessed in November 2021 when the total market cap surpassed $3 trillion. Ethereum, the second-largest cryptocurrency, has also experienced growth, boasting a 4.7% increase to $2,385. Moreover, other altcoins such as Solana, Cardano, Avalanche, Polkadot, and Chainlink have also witnessed significant gains.
Bitcoin has started the year of 2024 on an incredibly positive note, achieving its highest level in two years and inching closer to its all-time high. Positive predictions from industry figures and anticipation surrounding the approval of spot Bitcoin ETFs have contributed to increasing market optimism. As Bitcoin’s value continues to rise, the entire cryptocurrency market experiences substantial growth, showcasing the continued resilience and potential of digital assets.