After a long crypto winter, the last few weeks seem to indicate a major trend change in the cryptocurrency market. Even though the value of Bitcoin exceeded $35,000 a week ago, this progress has continued and we are witnessing a new increase in the value of it and other cryptocurrencies.

$42,000. A few hours ago, Bitcoin’s value was above the $42,000 mark; This was something not seen since April 2022. At the time Terra and its LUNA token debacle was happening – not to mention the FTX debacle among others – how much was there? It is described as the “Lehman Brothers” of this segment. The market seems to have put this behind us and we have been growing relatively steadily for several weeks now. At the time of writing, Bitcoin’s value dropped slightly and was around $41,600.

Good news for Ethereum. The usual correlation between Bitcoin and Ethereum is still there and ETH has also gained 6% in the last 24 hours. This cryptocurrency has surpassed $2,200, a value we haven’t seen in 18 months. There are even more preferred tokens: Coinbase’s COIN, for example, increased by 9%, while the value of others, such as Binance’s BMB, which was hit hard by recent events, remained almost unchanged.

ETFs are behind everything. As was the case a few weeks ago, the drive is driven by anticipation created by the potential approval of exchange-traded funds (ETFs) in the US. This financial mechanism will make investing in cryptocurrencies easier for a large number of investors and will open the doors to a much broader public, resulting in a form of institutional validation for certain cryptocurrencies.

cyber optimism. There are currently 13 applications for ETFs focused on Bitcoin, Bloomberg analysts say clarified They had been hoping for several days that most or all of these would be approved before January 10, 2024. These and similar comments revived optimism after the serious declines the market experienced in the last year and a half. Some analysts are returning to hyper-optimistic predictions and believe that by the end of 2024, Bitcoin could reach $100,000 or $125,000; they point to this, for example, at Matrixport, a consultancy focused on cryptocurrencies.

bull run. Coindesk quotes Metalpha analyst Lucy Hu. In his view, “The market is increasingly expecting more interest rate cuts next year, and investors are becoming increasingly optimistic about the prospects for Bitcoin ETF filings from some of the biggest names in asset management.” “This is the official declaration of a bull.” “will continue and the price may see further rises in the coming weeks.”

And halving on the horizon. It’s also important to talk about what’s coming next. halve From Bitcoin. It is expected to occur in April 2024, and with it there are usually significant movements in the value of this cryptocurrency: previous events of this type, which occur roughly every four years, have also experienced notable increases in value. .

Image | Viktor Forgacs

in Xataka | The Bitcoin landscape will change radically in 2024. And the price will start to reflect that