The price of Bitcoin has reached the top of 21 months. Last year it increased by 156 percent. However, it is still far away from its top level. Bitcoin is the world’s oldest and most popular cryptocurrency. The new year has brought good news for investors of Bitcoin, the world’s oldest, largest and most popular cryptocurrency. On Tuesday its price crossed $45,000. The price of Bitcoin has reached this level for the first time since April 2022. The price of Bitcoin has surged on hopes that exchange traded spot Bitcoin funds will be approved. The price of Bitcoin increased by 156 percent in the last year i.e. 2023, which is its best performance after 2020.
During trading on Tuesday, the price of Bitcoin reached $45,532, which is its highest level in 21 months. However, it is still far away from its highest level. In November 2021, the price of Bitcoin reached a record high of $69,000. Investors are hopeful that the US securities regulator may approve a spot bitcoin ETF. This can open the way to the Bitcoin market for millions of investors and bring in billions of dollars of investment. This is the reason why there is a rise in the price of Bitcoin.
Why will there be a rise?
Meanwhile, Ether, the coin linked to the Ethereum blockchain network, also gained 1.45 percent on Tuesday and reached $ 2,386. Experts say that this year a lot of growth can be seen in the crypto market. A lot of funds are expected to come into the crypto market from spot ETFs. Also, the expectation of splitting Bitcoin into two and changes in monetary policy in America and other countries of the world can also lead to a rise in cryptocurrencies like Bitcoin. According to an estimate, about ten percent of the people in India have cryptocurrency.
