Why Bitcoin Keeps Going Up: Uncovering the Reasons
The Coinmooner team has gathered information about Bitcoin's latest achievement and is ready to share it all with their users in a news article! On December 1st, the price of the first cryptocurrency hit a yearly high, momentarily surpassing the $38,800 mark. Over the last 24 hours, the asset has increased by 2.3%, according to CoinGecko. The active rise in green candlesticks began on Thursday, November 30th, when Bitcoin surpassed the $39,000 mark, setting a new yearly high, which is seen as a positive sign by many users and attracts more attention. In the past day, the asset grew by 3.3%. The price of "digital gold" was as high as it was in May 2022.
Traditionally, assets from the top 10 have joined the "green zone" following the flagship. The market capitalization stands at $1.5 trillion, with Bitcoin's dominance index at 49.7%. By the end of November, Bitcoin saw an 8.8% increase, and the second-largest cryptocurrency by market capitalization rose by 13%. Analysts noted that the breakthrough and consolidation above the $38,000 level depend on the approval of the SEC for a spot Bitcoin ETF.
Opinions have surfaced online regarding several reasons why the upcoming year is expected to be bullish for Bitcoin, likely triggering the growth of other crypto assets. As mentioned earlier, among these reasons is the prospect of ETF approval. Analysts and experts consider upcoming halving or a shift in public perception of BTC as additional factors likely to have the greatest impact on Bitcoin's price at the moment. Market sentiments are becoming increasingly positive each day, and the largest of all cryptocurrencies is finally back in vogue after a prolonged bear market and numerous negative news events.
Additionally, there is a noticeable surge in the rise of new crypto projects in the Web3 industry, gearing up for a growth period. This, in turn, attracts the attention of new users from Web2. Undoubtedly, the integration of artificial intelligence has become a real revolution both globally and in the cryptocurrency space. People are increasingly turning to services like OpenAI to explore new earning methods, with a growing preference for decentralized approaches to earning.
Moreover, recent events involving the largest cryptocurrency exchange Binance and its former CEO Changpeng Zhao, as well as well-known figures like Cristiano Ronaldo, embroiled in scandals related to securities and cryptocurrency law violations, unexpectedly capture the attention of a larger number of users. Thanks to these events, people are gaining more valuable information about the Web3 industry and cryptocurrency as a whole.
Many see such a surge as a hopeful sign for the crypto industry, anticipating future growth in the near term. It's essential to note that the halving of Bitcoin mining rewards is scheduled for April 2024, with just 5 months separating crypto enthusiasts from one of the most significant events!
The Coinmooner team diligently tracks all ideas, trends, and expert opinions related to the world's most popular cryptocurrency. Additionally, we urge our users to always conduct their own research (DYOR) on any news in the crypto sphere and determine whether these factors signify growth, stagnation, or decline for any crypto asset. We believe the information we provide will assist you in making informed decisions.