Bitcoin climbs 2.87% to its highest level in 2023
Bitcoin experienced a 2.87% increase, reaching its highest value this year at $38,834 on December 1. This peak comes after a decline since May 2022, when the TerraUSD stablecoin ecosystem disruption led to a ripple effect in the sector and a gradual decrease in asset values. The recent rally has renewed investor confidence, as institutional investors have also expressed interest in the cryptocurrency lately.
Ethereum and other cryptocurrencies follow suit
Ethereum, the second-largest cryptocurrency by market cap, is also faring well, trading above the significant $2,000 mark at $2,090.4 today. This upward trend is evident across the cryptocurrency market, with other popular coins like Dogecoin and Polkadot also posting gains. The overall market sentiment seems to be positive, as cryptocurrencies continue to draw attention from both retail and institutional investors.
Can Bitcoin reach $40,000 by December-end?
The recent spike in Bitcoin's value has increased the chances of it reaching $40,000 by the end of December. This year has been quite successful for Bitcoin, bouncing back by about 130% after a tough period in 2022 for cryptocurrencies. Per Bloomberg, the optimism surrounding potential rate cuts by the Federal Reserve in the coming year, along with the expectation of the US permitting its first spot Bitcoin exchange-traded funds, has played a significant role in driving this positive trend.
