The Reason Bitcoin’s Price Skyrocketed Above $45K
Bitcoin prices have surged on the first day of 2024, hitting their highest levels for almost two years.
Bitcoin has gained 7.2% over the past 24 hours to reach an intraday high of $45,498 during the Tuesday morning Asian trading session. Prices remained flat over the holiday weekend but have started to move as the first working week of the new year begins.
The big move has pushed the world’s largest digital asset to its highest level since March 2022, almost two years ago.
The move also means that BTC is now just 34% down from its all-time high of $69,000 in November 2021.
Welcome to 2024, The Year of #Bitcoin . pic.twitter.com/wHCyH8RHJa
— Michael Saylor⚡️ (@saylor) January 1, 2024
ETF Hype Driving BTC
On Jan. 2, Cameron Winklevoss said “Bitcoin is already looking like it will be the best-performing asset of the year (same as last year).” Custodia Bank CEO Caitlin Long added , “Bitcoin is *already* the best-performing asset of 2024!”
Moreover, trader and analyst “Nebraskangooner” eyed $48,000 for the next leg up should the momentum continue.
#Bitcoin
Good grief this thing might break out today
$48k area target if so. pic.twitter.com/fDgVaCkTDA
— Nebraskangooner (@Nebraskangooner) January 1, 2024
It appears that the momentum is still being driven by spot ETF hype .
Fox Business reporter Charles Gasparino said that the SEC still needs to go through paperwork for spot Bitcoin ETFs, so “the announcement likely toward week’s end,”
Meanwhile, crypto YouTuber Lark Davis added , “rumours flying that the spot Bitcoin ETF will be approved this week. Get ready.”
Max Keiser was equally bullish, commenting on Jan. 2:
“As I’ve been saying, the recent pullback in rates is temporary. Bonds are in a secular bear market. Stocks are overbought. Real estate is in a bubble. The only safe haven in the world where your property can be stored without fear of confiscation is Bitcoin.”
ETF experts have eyed January 10 for potential approvals, but an SEC announcement could come at the end of this week.
Elsewhere on Crypto Markets
The big Bitcoin move has pushed total market capitalization to its highest level since May 2022 at $1.82 trillion.
Crypto markets are now just 40% down from their peak levels back in November 2021, when the total cap topped $3 trillion.
Ethereum prices are also moving with a 4.7% gain to reach $2,385 at the time of writing. Other altcoins getting a big lift today include Solana, Cardano, Avalanche, Polkadot, and Chainlink.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
BlackRock’s Strategic Ethereum Accumulation: A New Era for Institutional Crypto Allocation
- BlackRock's ETHA ETF drove Ethereum's dominance over Bitcoin in 2025, attracting $262.6M in a single day and $1.83B in 5-day inflows. - Ethereum's 3-6% staking yields, post-merge upgrades, and 30% staked supply created a deflationary flywheel, outpacing Bitcoin's stagnant PoW model. - Institutional adoption surged as Ethereum was reclassified as a utility token, enabling $9.4B in Q2 2025 ETF inflows and $10B derivatives open interest. - Bitcoin ETFs faced $800M outflows amid regulatory constraints, contr
Bitcoin’s New Dawn: Tether’s USDT on RGB Protocol and the Rise of a Global Payments Ecosystem
- Tether integrates USDT onto Bitcoin via RGB protocol, enabling scalable, private stablecoin payments on-chain. - RGB's off-chain data storage reduces fees and chain bloat while anchoring ownership proofs to Bitcoin transactions. - This innovation challenges Ethereum-based stablecoins and accelerates Bitcoin's adoption as a global payments layer. - Institutions now leverage $167B USDT liquidity with Bitcoin's security for cross-border settlements and DeFi applications.
Bitcoin’s Emerging Role as a Global Settlement Layer: A Strategic Inflection Point for Institutional Crypto Adoption
- Bitcoin has evolved from a speculative asset to a global settlement layer by 2025, driven by infrastructure innovations in scalability, interoperability, and liquidity. - Institutional adoption accelerates as banks, corporations, and pension funds integrate Bitcoin into capital strategies, supported by regulatory clarity and $15B+ in ETF inflows. - Layer 2/3 protocols like BitScaler and RGB enable cross-chain transactions and stablecoin integration, positioning Bitcoin as a secure, scalable foundation fo
Legal Regimes and Silver Valuation: How Corporate Transparency Shapes Investor Sentiment and Risk-Adjusted Returns
- Legal frameworks in common law vs. civil law jurisdictions shape silver valuation through divergent corporate transparency standards. - Civil law markets (e.g., EU) enforce standardized ESG disclosures, reducing volatility and boosting investor trust compared to fragmented common law regimes. - Firms in transparent civil law jurisdictions (e.g., Canada) achieve better risk-adjusted returns due to consistent governance and lower capital costs. - Investors are advised to prioritize civil law markets with e
Trending news
MoreCrypto prices
More
