Bitcoin starts the year on the right foot and tops $45,000

Buoyed by potential approval d’ETF spoton Bitcoin rate (BTC) topped the 45,000, a level not seen since April 2022.

After a good year in 2023, the queen of cryptocurrencies continues its momentum in these first days of 2024 and has just surpassed $45,000, up over 7% in the last 24 hours.

This level hadn’t been seen since April 2022, just before the surprise collapse of the Terra ecosystem stablecoin. At the time, this event marked the beginning of the bear market.

For many analysts, investors’ hopes for a spot exchange-traded fund on Bitcoin approved in the US this month is the main price catalyst.

The US regulator is expected to rule on a number of issues in the coming days. The SEC, which has so far rejected all applications for spot ETFs on BTC, is said to be close to giving its approval for such a product this time.

Bitcoin (BTC) 24-hour price – Tradingview

The reaction to a possible rejection would be clear and would probably see an immediate drop. However, if we do get the green light, the obvious question is whether we’ll get a ‘buy the rumour, sell-on-fact’ scenario or whether it will encourage a further rise,” commented Chris Weston, head of research at broker Pepperstone.

The rally in the market’s leading crypto, whose price rose by more than 150% in 2023, would also be fueled by the next halving to come. In April 2024, the rewards distributed to miners will be divided by 2. This event has historically pushed up the price of Bitcoin.

This Tuesday morning, the cryptocurrency market is broadly in the green, with ETH at $2,380 (+4.4%) and SOL at over $110 (+10.2%). Among the other main altcoins, AVAX (+11.3%) and NEAR (+15.2%) are posting notable gains.

Total market cap now exceeds $1,700 billion. The Crypto Fear & Greed Indexwhich analyzes trader sentiment, shows “greed” with a score of 71.

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