The price of Bitcoin (BTC) has surpassed $45,000 for the first time in nearly two years, with the market widely expecting that a spot Bitcoin exchange-traded fund (ETF) will be approved in the coming days.
Bitcoin has rapidly climbed from a price of $42,000 on Jan. 1, surging more than 6% in the past 24 hours and 170% in the last year, according to CoinMarketCap.
Bitcoin is up 6% in the past 24 hours and 171% in the past year. Source: CoinMarketCap
Bitcoin is trading higher than any price reached in 2023, and the asset set a new yearly high in just two days in 2024.
Bitcoin’s price performance comes as the market prepares for the SEC to approve one or more of the 14 outstanding spot Bitcoin ETF product applications currently awaiting the regulator’s decision.
According to Binance data, the last time Bitcoin traded above $45,000 was nearly 20 months ago on April 5, 2022, when Bitcoin closed at $45,241 before falling into a protracted bear market that saw Bitcoin fall to $15,600.
Market commentators remain divided over the potential impact ETF approval would have on Bitcoin prices in the short term.
Analysts at cryptocurrency options trading platform Greeks.live claim that Bitcoin will not see a significant surge on the day of approval due to the decline in implied volatility on Bitcoin options.
Traders on X have different ideas, with Scott Melkor telling his 925,000 followers that Bitcoin is currently forming a “bull run” after the price spent a month consolidating around the $40,000 mark.
Melkor predicts that Bitcoin could surge to $54,000 in the days following possible SEC approval.
Meanwhile, VanEck advisor Gabor Gurbacs predicted that the early days of the spot Bitcoin ETF will be viewed as “disappointing” by broader market standards, but ultimately believes the product will attract trillions of dollars worth of inflows in the coming years.
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