Michelle ThompsonEthereum is up 1.8% at $2,255, and the value of the entire cryptocurrency market is up 3.6% to $1.6T.
For the first time since early April 2022, the price of bitcoin increased above $44,000 due to hopes that Bitcoin exchange-traded funds (ETFs) will be approved in the United States.
The price of the largest cryptocurrency in the world, Bitcoin, surged to $44,428 at approximately 2215 GMT on Tuesday. This is a level that hasn’t been reached since April 6, 2022, when it experienced a sharp daily loss of 5.1%.
The largest cryptocurrency in the world by market value, Ethereum, also saw a rise during the day, reaching as high as $2,310, its highest position since May 11, 2022, when it had fallen 11.2% that day.
The latest surge is the outcome of predictions that the US Federal Reserve will soon stop tightening its monetary policy and start lowering interest rates somewhere in mid-2024, as well as optimism that spot Bitcoin ETFs will receive regulatory approval in the US early next year.
At 1455 GMT on Wednesday, Bitcoin was up 4.6% on the day and trading at $44,100, while Ethereum was up 1.8% at $2,255.
The digital asset price-tracking website CoinMarketCap has data indicating that some altcoins have seen price increases of up to 20% in the last day.
According to the data, the cryptocurrency market’s total value had increased by 3.6% to $1.6 trillion at the time, with Bitcoin holding a 54% dominant share.
