Bitcoin is seeing a big price increase and the cryptocurrency reached $35,150, making it the highest value in 2023.
Experts say this jump is partly because people think a new Bitcoin ETF will soon launch in the U.S.
Right now, the price of Bitcoin is $34,702, up 13.38% in just one day, according to data from CoinMarketCap.
Since the start of this year, Bitcoin’s value has nearly doubled. However, it’s still much lower than its all-time high.
That was $69,000 back in 2021. People hope that a U.S.-based Bitcoin ETF could bring much money into the market.
NYDIG, a finance company, thinks it could be as much as $150 billion.
Lucas Josa, a market analyst, adds more information. He works for Mynt, which is part of BTG Pactual, a financial services company.
Josa says the price went above $32,000 when news came out about a possible ETF from BlackRock.
BlackRock is a big deal because it’s the world’s largest manager of assets like stocks and bonds.
Josa explains that the ETF news made people even more optimistic. They were already looking forward to the launch of such a financial product.
So, the news added fuel to the fire. Experts from Bloomberg, a news service, also add to the conversation.
They think there’s a 90% chance the U.S. will approve a Bitcoin ETF soon.
This mood of optimism isn’t just about Bitcoin. Ether, another cryptocurrency, is also doing well.
Its price went up 10.36%, and it now costs $1,850. Even XRP, which is currently the fifth biggest cryptocurrency, saw its price go up.
It increased by 9.31% and is now valued at $0.5795.
Other Cryptos Are Also Seeing Gains
Other cryptocurrencies are also seeing gains. These include Solana, Cardano, Polygon, and more. Each of these has increased in value, though by different amounts.
To sum it up, Bitcoin’s price is rising fast. One big reason is the expectation of a new Bitcoin ETF in the U.S. market.
This has created a ripple effect, boosting other cryptocurrencies as well. Everyone is watching closely to see what happens next.