Cryptocurrencies have been recognized as some of the most debated investment assets in recent years and have kicked off 2024 with robust momentum. The premier cryptocurrency, Bitcoin (BTC), has recently climbed to a $45,000 valuation, a level it last attained in November 2021.
The anticipation has been building around 2024 as a pivotal year for the cryptocurrency market, driven by significant developments. Notably, the U.S. government’s endorsement of a spot ETF for BTC marks a watershed moment.
Moreover, the approaching Bitcoin halving event, which occurs approximately every 210,000 blocks – expected around April to May 2024 – is predicted to positively influence the market dynamics.
Year-to-date gains in BTC have surpassed 150%!
As of February 28, 2023, purchasing 1 BTC required an outlay of $23,130. By February 28, 2024, this figure had escalated to $60,389, marking an annual appreciation of 157.28 percent.
This surge in BTC’s value has also buoyed the entire altcoin market, leading to an appreciation across the board. A review of the current market reveals that nearly all of the top 10 cryptocurrencies by volume have seen price increases. Aside from minor fluctuations in stablecoins, virtually all altcoins have experienced gains.
Ethereum (ETH) gains 105%
Examining Ethereum (ETH), the market’s second-largest asset, reveals a gain of 105%. As of February 28, 2023, ETH was trading at $1,604, and its current price has ascended to $3,360.
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