The value of the cryptocurrency Bitcoin has continued its upward trend on January 3, maintaining rates above $45,000 a day after surpassing this significant milestone.
For the first time since April 2022, Bitcoin, the world’s largest cryptocurrency, breached the $45,000 mark on Tuesday, reaching a 21-month high. Experiencing a 6% surge on January 6, Bitcoin remains on an upward trajectory.
On Tuesday, Bitcoin recorded a notable increase of 6.43%, reaching $45,317.67, its highest point since 2022. Even a day after surpassing this historic mark, Bitcoin sustained its momentum, registering a gain of just under one percent on Wednesday.
As of January 3, Bitcoin’s rates were documented at $45,257.70, showing no signs of dipping below its 21-month high. The rates were 0.70% higher than the cryptocurrency’s closing price, contributing to an overall surge in the cryptocurrency market in the initial days of January.
With Bitcoin prices exceeding $45,000 for the first time in months, the cryptocurrency’s rates in India were observed at ₹37,66,766.47 on Wednesday, reflecting a ₹22,454 increase following the sudden surge in prices.
Other tokens in the crypto market experienced positive movements on January 2-3, driven by Bitcoin. Ethereum witnessed a surge of 3.8%, Solana (SOL) gained over 7%, and Cardano increased by over 5%. The upward trend in cryptocurrencies is anticipated to persist throughout the week.
The primary driver behind the surge in Bitcoin prices is the anticipation that the US Securities and Exchange Commission (SEC) will approve the launch of a spot bitcoin Exchange-Traded Fund (ETF). The SEC’s decision on the Ark/21Shares ETF is expected to be finalized by January 10, with a potential announcement as early as this week.
Historically, Bitcoin has exhibited upward momentum during US election seasons, suggesting that crypto markets will remain active in the coming months. However, the trajectory of crypto in the United States will hinge largely on the SEC’s decision.
