Bitcoin surged on New Year’s Day, briefly touching the $45,000 threshold for the first time since April 2022. The crypto’s recent ascent echoed the volatile highs and lows witnessed in January of the previous year.
The price rollercoaster saw Bitcoin oscillating above $45,000 multiple times, reminiscent of the rapid fluctuations observed during the same period in 2022, with intermittent dips reaching as low as $36,000. Coingecko data reveals Bitcoin’s last touch at $45,000 on April 5, 2022, and a significant drop to $15,742 by November 9. Despite this volatility, the New Year’s Day market cap surpassed $836 billion, accompanied by a trading volume of $22 billion.
BTC’s Upward Trajectory and SEC’s ETF Decision
At present, Bitcoin is up over 171% from this time last year, marking a 13% increase over the past month and a notable 5% surge for the day. The crypto commenced 2023 below $17,000 per coin, illustrating a remarkable bullish trend since then. The prevailing anticipation of the SEC’s decision on a Bitcoin spot ETF has been a significant driver behind this surge.
Throughout 2023, the crypto community awaited the SEC’s approval of a Bitcoin spot ETF, yet numerous deadlines passed without any formal action on pending applications. Will 2024 finally witness this long-anticipated approval, and how might it impact Bitcoin’s price trajectory?
Also Read: Bitcoin Millionaires Surge: Over 90,000 Addresses Now Hold $1 Million in BTC
Bitcoin’s Market Cap Milestones and Competitive Position
Beyond the numbers, hitting the $45,000 milestone signifies a psychological barrier for investors, often bolstering confidence and sparking increased trading activities. Bitcoin’s rise toward this mark indicates an imminent challenge to surpass its previous high from the prior year, starting just below the $50,000 mark.
The cryptocurrency’s market capitalization surge paints an impressive picture. Bitcoin’s value, now exceeding $855 billion, surpassed Tesla’s market cap and subsequently overtook Warren Buffett’s Berkshire Hathaway Inc. and Meta Platforms (formerly Facebook), showcasing its dominance in the financial landscape.
Key Takeaways:
- SEC’s ETF Decision Impact: The awaited SEC verdict on a Bitcoin spot ETF continues to influence Bitcoin’s price movement, prompting bullish momentum.
- Market Cap Milestones: Bitcoin’s surge propels its market capitalization, surpassing major corporations like Tesla, Berkshire Hathaway, and Meta Platforms, highlighting its growing significance in the financial world.
Discussion about this post