In a remarkable start to the new year, Bitcoin raced beyond the $45,000 mark on Tuesday, reaching levels not seen since April 2022. The world’s largest cryptocurrency experienced a surge in optimism, primarily driven by expectations surrounding the potential approval of exchange-traded spot bitcoin funds.
Bitcoin marked a 21-month high at $45,922, showcasing a remarkable 156% gain in the previous year, making it the cryptocurrency’s strongest annual performance since 2020. While currently at $45,509, it still trails behind its all-time high of $69,000 achieved in November 2021.
The second-largest cryptocurrency, Ether, followed suit with a 1.2% increase, reaching $2,386.50 on Tuesday. Ether had an impressive 91% surge throughout 2023.
Crypto-related stocks experienced a notable uptick, mirroring the positive momentum in Bitcoin’s price. Companies such as Riot Platforms, Marathon Digital, and CleanSpark saw gains ranging between 7% and 10%, rebounding from the declines witnessed in the last trading day of 2023.
Software firm and Bitcoin investor MicroStrategy witnessed a substantial increase of 13.4%, while the ProShares Bitcoin Strategy ETF, tracking bitcoin futures, recorded a gain of 7.8%.
By Reuters
