The price of bitcoin experienced a notable increase, surpassing the $45,000 mark, marking its highest level since March 2022. This rally has caught the attention of cryptocurrency investors, fueling renewed interest in the market. Anticipation of the possible approval of the first Bitcoin ETF in the United States is the key catalyst behind this bullish trend.
In the midst of a shortened economic week, investors are eager for the minutes of the The Federal Reserve's December meeting, which could shed light on the direction of monetary policy and possible future interest rate reductions. This event, along with reports on trends in the US labor market, has attracted particular attention due to its potential impact on the price of Bitcoin.
The cryptocurrency market witnessed a โBitcoin ETF feverโ phenomenon, with the total market capitalization reaching its highest level in 20 months. increasing to 1.82 trillion dollars. Bitcoin leads this rally with 7.5% increase in one day, reaching an intraday high of $45,500. Ethereum also grew, achievegram a 5% increase to reach $2,389, while several altcoins like Solana, Cardano, Avalanche and Polkadot all posted gains of over 6%.
Divergent opinions on Bitcoin
The possibility of approving a Bitcoin ETF in the United States triggered various predictions and opinions in the market. Some analysts maintain that, in the short term, the approval may not result in a significant increase in the price of BTC, citing a decrease in implied volatility in BTC options. However, others, such as analyst Scott Melkor, suggest that BTC could see additional momentum, reaching levels as high as $54,000. in the days following SEC approval.
Intensifying speculation about the immediate future of BTC has an entire community on edge, eagerly anticipating this long-awaited event. Some investors hope this approval marks the start of a sustained bullish period, while others warn of the possibility of a โbuy the rumor, sell the newsโ scenario. Despite the different opinions, in the coming weeks market attention will focus on developments related to Bitcoin ETFs and their impact on the price trajectory of the leading cryptocurrency.
