The continued price gains for bitcoin come off the back of bumper 2023, when the price of the digital coin rose 152% — and many commentators expect the bold rises to continue. It comes amid growing excitement among traders that the U.S. could approve the first bitcoin exchange traded fund (ETF). This would allow investors to buy a product that tracks the price of bitcoin without having to own the cryptocurrency directly, likely appealing to larger institutional investors. In 2024, bitcoin will also undergo the “halving”, a technical event in which rewards offered to miners of the cryptocurrency are slashed in half. This reduces the supply of bitcoin onto the market. Previous halving events have often preceded steep price rises. Other cryptocurrencies also rallied overnight into Tuesday. Ether traded at around $2,405, up around 4.5%, while Solana surged 11% to around $115 at about 05:39 a.m. ET, according to CoinDesk data.
Bitcoin tops $45,000 for the first time since April 2022 as wild crypto rally continues
