Bitcoin crossed the psychologically important $45,000 mark on the first day of 2024. The apex cryptocurrency saw an impressive 5.7% gain over 24 hours at the time of publishing. Ethereum and Dogecoin also saw gains of over 3% respectively in the same time frame.
King Crypto's move is significant since it is the first time since April 2022 that BTC has eclipsed the $45,000 mark.
| Cryptocurrency | Gains +/- | Price (Recorded at 9.21 p.m. EST) |
| Bitcoin BTC/USD | +5.77% | $44,992.09 |
| Ethereum ETH/USD | +3.54% | $2,378.39 |
| Dogecoin DOGE/USD | +2.93% | $0.093 |
The buzz surrounding the notification of spot Bitcoin ETFs fueled the rally as it did at the end of 2023. Reuters reported over the New Year weekend that asset managers, who are vying for approval of the ETFs, could be notified on Tuesday or Wednesday that their applications are approved with a possible launch date of Jan. 10.
There are a total of 14 asset managers who are hoping that the SEC approval will come through, according to the report.
It should be noted that the cryptocurrency world is currently swirling with bold predictions for Bitcoin's trajectory. Financial guru Mark Mobius anticipates the largest cryptocurrency to touch the $60,000 mark by 2024. Antoni Trenchev has an even loftier $100,000 prediction in store for Bitcoin this year.
Other Risk Assets:
While cryptocurrency markets were decidedly in the green at the beginning of 2024, stock futures remained flat at the time of publishing. Vital Knowledge founder Adam Crisafulli noted in a recent appearance on CNBC that the markets were due for a 1-3% pullback in order to consolidate. He said such a move would be "very healthy" but noted that the rally could continue.
Top Gainer (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 9.21 p.m. EST) |
| Sei (SEI) | +31.9% | $0.77 |
| Mina (MINA) | +19.51% | $1.62 |
| The Graph (GRT) | +18.46% | $0.23 |
Analyst Takes:
Giving his take on 2024, cryptocurrency trader Michaël van de Poppe called it a "great year." He said spot ETF approval, halving and the beginning of the Altcoin bull market, and finally approval of an Ethereum spot ETF all await investors.
Bitcoin maximalist Max Keiser reacted to Bitcoin hitting $45,000 by saying "I told you so!" while sharing a meme video featuring El Salvador President Nayib Bukele "playing" the drums in celebration.
Alpha Impact's co-founder Hayden Hughes said there is a fear of missing out on Bitcoin among some traders in the U.S. and Europe ahead of the approval of spot EFT. He said they have started "buying on January 1, first thing New Year's morning," reported Bloomberg.
Photo by Igor Faun on Shutterstock
Read Next: The Million Dollar Club: These Famous People Said That Bitcoin Will Reach $1M In 2023
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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