The leading cryptocurrency has stabilized above the $45,000 level, with the price increase accompanied by a surge in trading volumes.
The last time digital gold traded at such high levels was in early April 2022, before the Terra collapse and the subsequent contagion in the crypto industry.
Among the top 10 crypto assets by market capitalization, only Solana and Avalanche outpaced digital gold in daily growth rates.
Total liquidations over the past 24 hours amounted to $141.94 million, with short positions accounting for $123.4 million.
Analysts at Matrixport anticipate Bitcoin reaching $50,000 this month. They believe the main drivers of the cryptocurrency’s price increase will be:
- approval of spot ETFs;
- institutional purchases;
- a shortage of coins on the market;
- historical trends.
At the time of writing, Bitcoin is trading around $45,400. The total market capitalization of crypto assets stands at $1.82 trillion, according to CoinGecko.
Earlier, experts at CryptoQuant suggested the possibility of Bitcoin breaking the $50,000 level in early 2024.
The forecast is based on an analysis of digital gold holders’ activity. It also considers the dynamics of transaction volumes, market capitalization, and Metcalfe’s law in the context of cryptocurrencies.