The crypto market has seen price fluctuations, and among them is the Bitcoin digital currency. BTC has recently seen a spike in price, approximately a 10% gain over the past week. Following the crypto’s volatility, the price increase has been fostered by recent ETF approval posts, among other news.
Recent news on the happenings of the first-generation crypto has yet to show its implications in the crypto market. Other cryptocurrencies have also experienced significant gains in the past month, but BTC has topped them all. Recent reports also show its price trajectory towards the $45,000 mark in 2024.
Bitcoin’s market reign
Bitcoin has long made its foothold on being the most dominant crypto, and recent news might have solidified its position. The crypto has been receiving a bearish trend for the past 2 years, but its price has been steadily growing.
However, according to market data this week, its price has seen an 8% increase on Monday after false information about spot Bitcoin approval.
The incident has also accounted for a 49% weekly rise in its price since 2021. The Block data report showed Bitcoin’s share in the crypto market capitalization that has also steadily elevated this year since the beginning of 2023. This was initially at 38% and has long since surged to 48.85% as of Saturday, October 21.
Considering the crypto winter season that has raided the digital market since late last year, Bitcoin has shown its resilience as its price has seen a 71% increase since the beginning of 2023. According to one research reporter, their review on the matter expounded on the reasons behind the rapid rise in its market value.
The reporter was quoted lamenting, “Bitcoin is holding strong in current market conditions and has actually been performing well for much of this week.”
Bitcoin’s overall trajectory in the digital space
As crypto investors seek to minimize risk in their investments, Bitcoin has been sought after as a hedge against these risks, including regulations. Based on the global economy uncertainty, among other challenges, including surging inflation, political strife, and geopolitical tensions, BTC has offered a safe haven for crypto investment. Following the financial turmoil, bitcoin is considered digital gold.
The digital asset has provided a sense of stability as it shows patterns similar to its previous historical price trend. According to crypto exports, the consolidation period for BTC is coming to an end, as its price soars above the $29,000 mark, from $27,500 in just a few days.
Bitcoin is set to continue its elevated trend in the long run, and experts predict that the asset will reach the $45,000 level mark in 2024. Considering the anticipation of the spot Bitcoin exchange-traded funds (ETFs) approval by the US Securities and Exchange Commission (SEC), the confirmation would mean a revolution of the BTC crypto market.
BTC’s price jumped from$27,883 to $30,000 in under 30 minutes after the fake report of the BlackRock spot Bitcoin ETF approval
As the digital space awaits the ETF approval, it’s possible for the asset’s price to go beyond the $40,000 mark by 2024. This follows the bullish trend brought about by the recent market sentiments.
Despite the news on crypto, its initial price movements show an end to its bearish run and its consolidation period. A new era awaits BTC as the SEC pends the approval of ETFs. This investigation bridges the traditional finance system with the digital world. It would also provide trades with the advantage of analyzing Bitcoin’s price in real time.
Source: https://www.cryptopolitan.com/bitcoins-dominance-records-a-2-year-high/