Bitcoin Price Surge News Today: Two years ago, cryptocurrency prices hit their peak with Bitcoin (BTC) reaching nearly $70,000. Subsequently, things took a turn for the worse, and then it became catastrophic as BTC plummeted towards $15,000 following FTX’s downfall.
Bitcoin Price Surge News Today
- Bitcoin surges to $44,000, hitting levels last seen in April 2022.
- Growing confidence in crypto anticipates SEC approval for new ETFs.
- BlackRock’s crypto ETF approval expected, adding credibility to investments.
- Bitcoin rebounds impressively, up over 150% in 2023 from 2022’s downturn.
- Altcoins like Dogecoin and Shiba Inu also experience notable price surges amidst Bitcoin’s rally.
Throughout 2023, prices made a comeback, but these gains seemed hard-fought. Rallies were swiftly followed by setbacks, and by mid-October, Bitcoin hovered around $27,000.
According to CoinDesk data, Bitcoin, the leading cryptocurrency by market cap, surged more than 4.2% in the past 24 hours, briefly exceeding $44,000 on Tuesday. It has escalated by 13.4% over the past week and surged 157% year-to-date, yet it remains over 35% down from its peak in 2021.
Recently, Bitcoin briefly touched $45,000 on Coinbase, surpassing $40,000 just a few days earlier, a level unseen since early 2022. Meanwhile, Ether (ETHUSD) escalated by 1.9% in the last 24 hours, momentarily surpassing $2,300 on Tuesday, its highest point since May 2022.
#Bitcoin has re-entered the top 10 assets globally.
— Binance (@binance) December 5, 2023
$848.9 billion in market cap versus gold's $13.66 trillion 👀 pic.twitter.com/34GiXFkJ89
Moreover, smaller tokens witnessed price surges and heightened trading activities. Analysts at Kaiko Research noted that the market share of trade volume for “altcoins” spiked to 67% last week, the highest since March 2022, as traders shifted towards riskier assets amidst a continuing rally.
Dogecoin price increase
Amidst this surge, meme tokens experienced a rise, with Dogecoin (DOGEUSD) rising by 4.9% in the past 24 hours and 14% over the week, settling around $0.09. Shiba Inu (SHIBUSD) observed a 12.4% gain over the week and a 4% increase in the last 24 hours, reaching approximately $0.000009.
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Bitcoin’s recent surge owes much to growing industry confidence, especially in anticipation of potential approval for additional cryptocurrency exchange-traded funds (ETFs) by the Securities and Exchange Commission (SEC) as early as next month. One of the major players, BlackRock, is poised to secure approval for its crypto ETF, adding credibility to crypto investments if granted the SEC nod.
Following the crypto market’s downturn in May 2022, numerous coins witnessed a substantial drop in their market caps. Yet, while 2022 proved challenging for Bitcoin, 2023 has shown a different trajectory, with Bitcoin’s value skyrocketing over 150% this year.
Predicting Bitcoin’s future trajectory remains uncertain, but there’s an upcoming event in the coming year that could further propel its value. In May 2024, Bitcoin is slated for its fourth halving—a periodic occurrence that occurs every four years, slashing the number of Bitcoins awarded to miners by half. Historically, Bitcoin’s value soared to record highs ahead of the previous three halvings in 2012, 2016, and 2020.
