The cryptocurrency market has reached a historic moment awaited by crypto investors since May 2022. Bitcoin surpassed its all-time high (ATH) on Monday, reaching $42,162, marking the peak of the past year and a half.
According to CoinMarketCap, the rise in the cryptocurrency was accompanied by a surge in market capitalization to $809.6 billion. Bitcoin’s remarkable 140% growth in 2023 brought about a significant shift in market sentiment. The cryptocurrency exceeded its highest price for the year, reaching $42,162 on Monday, the highest point in the past one and a half years.
Image screenshot from google.com
This growth was reflected in the collective market capitalization of the crypto empire, reaching an astonishing $1.54 trillion in 2023. The jump can be largely attributed to the anticipated approval of the Bitcoin Exchange-Traded Fund (ETF) and speculations about the speculative interest rate cut by the U.S. Federal Reserve, expected to take effect by 2024.
According to several analysts, the price of Bitcoin could skyrocket even further, potentially reaching $100,000 by 2024, as indicated in an analysis provided to our publication by Binance. The cryptocurrency exchange attributes this upward trajectory unanimously to the influence of ETFs. Focusing on technical factors, the predictive analysis suggests that Bitcoin’s next resistance level is at $42,330. This expectation is based on the relatively low Open Interest (OI) despite the bullish trend, indicating a potential continuation of the upward movement.
Halving Approaches, Bitcoin Gains Strength Some analysts predict that Bitcoin could reach $60,000 before the scheduled halving in April 2024. The current market conditions are promising, hinting at the possibility of a monumental expansion of cryptocurrencies in 2024.
“The anticipation of a Bitcoin ETF has generated excitement in the market, potentially propelling the cryptocurrency and the entire market even higher. However, like any investment strategy, we strongly recommend adhering to the DYOR (do your own research) principle before capitalizing on cryptocurrencies,” stated Kyrylo Khomiakov, the General Manager of Binance for the Central and Eastern European region, in the analysis provided to our publication.
Rare Celestial Phenomenon Returns, Happens Only Once Every 80 Years
According to a statement from NASA, there is a chance once again to witness the super-bright celesti…
Decoding Computer Brains: AMD, Intel, Apple M, and ARM Chips
In the realm of computing, the heart of any device lies in its central processing unit (CPU). Four m…