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Why is the crypto market up today? Bitcoin set to hit $40K

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TL;DR

  • Analysts predict that Crypto’s bad days are behind the investors. Bitcoin has hit new highs since May 2022 and is expected to hit $40k by the start of December.
  • So, what is influencing the market gain? The price movement is tied to the awaited Bitcoin-spot exchange-traded funds (ETFs) approval by the United States SEC and the Binance wrapped-up market situation.
  • Crypto investors remain hopeful they will spend Christmas festivities with the presence of a fully-picked-up bull rally.

The crypto market appears to have attained market maturity and hold ground in the amidst of increasing negative market sentiments. Bitcoin has been rallying since October from levels of $27,500, now expected to reach the $40,000 level as fresh highs are being witnessed in its market value. These fresh highs have not been since May 2022, when the BTC price was valued at $38,000. Market experts show a promising prediction for the major digital currency. 

Its current price has spiked by 1% over the past 24 hours, and this has also affected prices of other cryptos, including altcoins and memecoins like Dogecoin and Solana. Moreover, a new milestone has been realized in BTC’s market value, and the rally can be linked to ETF pending approvals.

Crypto charts go green – Will Bitcoin reach $40,000?

Bitcoin is the leading major Crypto coin that has dominated the crypto industry since its inception, and its market value has doubled this year. Market data shows that Bitcoin has been ranging at the $38,000 level for the past two weeks. It’s been noted that these fresh levels haven’t been touched in the past 18 months. 

On Friday, amid the quiet market during the US Thanksgiving holiday, its price briefly touched a high, and it is currently tagged at $37,804 at the time of writing. Its daily increase is at 1.19%, with a gain of 66.33% in daily trading volume. Additionally, its market cap was sorted by 1.20%, indicating an expected bull rally towards half of its initial all-time high of $69,0000.

BTC price is now holding levels above $37,700 towards the $38,100 threshold and is gaining momentum to push even higher. 

One major attribute influencing this market value movement is the awaited Bitcoin-spot exchange-traded funds (ETFs) approval by the United States Securities and Exchanges Commission (SEC). 

The spot Bitcoin ETFs have caused an increase in investor interest as the digital product is to be used as a more efficient way to invest in cryptocurrencies in real-time without the need for futures. 

Amid the BTC rally, the crypto-based stocks also saw a gain over the past 24 hours. Among them was Coinbase token COIN, which gained 6%, Marathon Digital Holdings (MARA), which increased by 4%; and Stronghold Digital Mining (SDIG), which saw a 6.4% surge. Other digital assets, like Binance‘s BNB, have dropped. 

However, in BNB’s case, its price plummeted by 0.25% over the past day, which can be linked to the legal proceedings between the exchange firm and its CEO, Changpeng Zhao, against the United States CFTC. 

Dogecoin (DOGE) is up by 2.34%, with a 37.18% increase in trading volume. Solana (SOL) gained by 2.90% and a spike of 16.65% in daily trading volume. The second-generation blockchain, Ethereum (ETH), has also seen a daily increase of 0.90%, with a 7.79% weekly increase in its market value. 

Comments by the crypto community’s BTC price prediction

The crypto community also weighed in on this crypto rally, and Laurent Kssis, a digital asset listing ETP specialist, commented on his view on the surging digital market. Kssis said in an interview, “With the BTC ETF lurking around the corner – which may be Jan .11 for the 19b1 consent (not s1 approval), there will be a new layer of volatility to the market.”

Kssis added, “Due to the ease of trade and cost-effectiveness, a bitcoin ETF will attract more turnover in volumes from institutional investors currently not seen on crypto exchanges as they are not allowed to execute on these non-regulated exchanges by their compliance depts.” 

He also predicts that BTC will eventually reach $40,000 over the weekend, and he attributed this to the awaited Bitcoin-spot ETF approval. The crypto market analyst noted, “When approved, the volatility of BTC will be significant during these periods which create additional risks for investors but as well as opportunities for those arbitraging. Would not be surprised if we see 40K being broken this weekend.”

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Florence Muchai

Florence is a crypto enthusiast and writer who loves to travel. As a digital nomad, she explores the transformative power of blockchain technology. Her writing reflects the limitless possibilities for humanity to connect and grow.

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