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The world’s largest digital currency by market capitalization has crossed $41,000 since April 2022, signalling another era of market uptrend for the cryptocurrency market.
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The second-largest cryptocurrency by market capitalization also saw another incredible price in 2023. Ethereum has over 17% market share of the whole crypto market capitalization, seating at a $269b market cap.
Bitcoin has over 52% of the crypto market capitalization sitting at over $805b in market capitalization. Some possible triggers are causing the recent uptrend.
These triggers include;
The recent decrease in the interest rate and the optimistic expected news of the Bitcoin ETF. BlackRock has recently said it’s expecting the US SEC to approve its BITCOIN ETF.
Moreso, we can see other recent happenings in the crypto industry. CZ the former CEO of Binance resigned last month after paying a fine amounting to over $3.5b to the US.
Bitcoin Halving: While the halving is expected to happen in April 2024, the market usually makes bullish moves after halving. But unlike how history plays, the market is on an uptrend before halving. People are wondering if it’s an uptrend to usher in a new ATH for Bitcoin or a manipulation of the market that will see another dump happen.