Bitcoin Breakthrough: Surging Beyond $46,700 in 2024, Altcoins Benefit from ETF Enthusiasm with Profit Gains

On Tuesday, December 9, Bitcoin experienced a notable surge, yielding a substantial profit of 7.71 percent and reaching a milestone value of $46,752 (approximately Rs. 38.8 lakh). This surge marked a significant moment for the cryptocurrency, as it touched the $46,700 mark for the first time in months and in the entire year. The timing of this growth is particularly noteworthy, occurring just a day before the awaited decision by the U.S. Securities and Exchange Commission (SEC) on ARK/21 Share’s proposal to introduce a Bitcoin exchange-traded fund (ETF). In the preceding 24 hours, Bitcoin witnessed an impressive spike, gaining $3,512 (roughly Rs. 2.90 lakh).

The optimistic sentiment in the market is palpable, with traders expressing bullishness and heightened expectations. There is a prevailing anticipation that Bitcoin may soon approach the $48,000 mark, fueled by intense speculation surrounding the potential launch of a Bitcoin ETF. Rajagopal Menon, Vice President at WazirX, emphasized this sentiment, stating, “Bitcoin’s climb signals the optimism and bullishness among traders. This upward movement has heightened expectations of the crypto nearing the $48,000 mark in the near future. Driving this momentum is intense speculation regarding the possible launch of a Bitcoin ETF, capturing significant interest and enthusiasm within the market.”

In tandem with Bitcoin’s rise, Ether also experienced an upswing, reaching a price point of $2,305 (approximately Rs. 1.91 lakh) on Tuesday. Notably, Ether registered a price rally of 5.35 percent in the last 24 hours, adding to the overall positive momentum in the cryptocurrency market.

“The overall crypto market witnessed a mini rally as the deadline for SEC approval for Bitcoin ETF nears. Any confirmation of ETF approval by the SEC will push the market higher and it may lead to a market-wide rally,” Shivam Thakral, CEO of BuyUcoin.

The SEC Chief Gary Gensler posted a series of posts on Twitter mentioning the risks associated with crypto currency investments. The market, however, has reacted positively to the tweet. If history is to be repeated this might be considered as a positive sign because in October 2021, a similar post was made by SEC’s investor education account, a day before the first Bitcoin futures ETF became effective.

The overall crypto market rose by 6.80 percent over the last day. The crypto market cap, at the time of writing, stood at $1.73 trillion (roughly Rs. 1,43,76,498 crore), showed CoinMarketCap.

Among a few loss-making cryptocurrencies, Zcash, Flex, Circuits of Value, and Husky made a mark.

“The crypto fear and greed index is highly-positive, and has jumped by six points as compared to yesterday. With the ETF approval being seen as a huge positive in the industry, huge volatility is expected as the final deadline of January 10 comes closer,” the Coinswitch markets desk