The Reason Bitcoin’s Price Skyrocketed Above $45K

Bitcoin has gained 7.2% over the past 24 hours to reach an intraday high of $45,498 during the Tuesday morning Asian trading session. Prices remained flat over the holiday weekend but have started to move as the first working week of the new year begins.

The big move has pushed the world’s largest digital asset to its highest level since March 2022, almost two years ago.

The move also means that BTC is now just 34% down from its all-time high of $69,000 in November 2021.

Welcome to 2024, The Year of #Bitcoin. pic.twitter.com/wHCyH8RHJa

— Michael Saylor⚡️ (@saylor) January 1, 2024

ETF Hype Driving BTC

On Jan. 2, Cameron Winklevoss said “Bitcoin is already looking like it will be the best-performing asset of the year (same as last year).” Custodia Bank CEO Caitlin Long added, “Bitcoin is *already* the best-performing asset of 2024!”

Moreover, trader and analyst “Nebraskangooner” eyed $48,000 for the next leg up should the momentum continue.

#Bitcoin

Good grief this thing might break out today

$48k area target if so. pic.twitter.com/fDgVaCkTDA

— Nebraskangooner (@Nebraskangooner) January 1, 2024

It appears that the momentum is still being driven by spot ETF hype.

Fox Business reporter Charles Gasparino said that the SEC still needs to go through paperwork for spot Bitcoin ETFs, so “the announcement likely toward week’s end,”

Meanwhile, crypto YouTuber Lark Davis added, “rumours flying that the spot Bitcoin ETF will be approved this week. Get ready.”

Max Keiser was equally bullish, commenting on Jan. 2:

“As I’ve been saying, the recent pullback in rates is temporary. Bonds are in a secular bear market. Stocks are overbought. Real estate is in a bubble. The only safe haven in the world where your property can be stored without fear of confiscation is Bitcoin.”

ETF experts have eyed January 10 for potential approvals, but an SEC announcement could come at the end of this week.

Elsewhere on Crypto Markets

The big Bitcoin move has pushed total market capitalization to its highest level since May 2022 at $1.82 trillion.

Crypto markets are now just 40% down from their peak levels back in November 2021, when the total cap topped $3 trillion.

Ethereum prices are also moving with a 4.7% gain to reach $2,385 at the time of writing. Other altcoins getting a big lift today include Solana, Cardano, Avalanche, Polkadot, and Chainlink.