Bitcoin has increased by roughly 150% since the last Christmas in 2023. The asset was at $40,000 last year and exactly one year later, it is worth about $100,000.
According to an X post by crypto analyst Michael van de Poppe on 25 December, this change in price has brought a significant change as those who mocked Bitcoin last year are today seeking ways to get in.
A long journey
After the $40 price on December 25 2023, Bitcoin continued an upward move in the new year 2024, mainly driven by the exchange traded fund (ETF) approvals in early January.
The securities and exchange commission (SEC) approved 11 Bitcoin ETFs on January 11, bringing a big boost to the entire crypto market.
Both corporate and retail investors have since become more positive about Bitcoin and the ETFs saw significant inflow of funds from then, causing Bitcoin to reach a high of $71,000 in March.
This was followed by a major dip that took the price as low as $53,000 in early September before the next rally began that brought the price up to an all-time high of over $108,000.
With the massive rally in December, many who were skeptics in 2023 now seek to buy some Bitcoin. Currently, the asset is trading at just under $99,000 after recovering from a recent crash to almost $90,000.
Thereâs more hope
Bitcoin seems to have lost some steam, but there may be hope for some more upward movement.
Recent data indicates that Bitcoin ETFs now hold more assets than gold ETFs, indicating that investors are more confident about its future than of gold. With such confidence, the asset may still have brighter days ahead.
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