Bitcoin price updated the annual maximum, rising above $38000

Bitcoin price has passed 38000 USD mark

According to analysts, the consolidation of recent weeks is a positive sign for further upward movement
The bitcoin (BTC) exchange rate momentarily reached $38,035 when paired with the Tether USD (USDT) stablecoin on the Binance exchange, marking a new high for 2023. Exactly one year ago, on November 24, 2022, the first cryptocurrency traded around the $16,600 mark. Thus, bitcoin has grown by almost 130% in the past year.
Since November 10, bitcoin has been trading in the range of $35,600 – $38,000. According to some analysts, such price consolidation is a positive sign for further upward movement.

Of the top ten largest cryptocurrencies by capitalization, the most notable positive dynamics are Dogecoin (DOGE) – 1.87%, Ethereum (ETH) – 1.83%, Cardano (ADA) – 1.91%. At the same time, ETH has grown stronger than other major coins over the past seven days, with its price increasing by 7.17% over the week.

In mid-October, bitcoin began a rapid growth on the background of news about the possible approval of a spot bitcoin-ETF by the U.S. Securities and Exchange Commission (SEC). In less than a month, the rate of the main cryptocurrency has grown by almost $10 thousand.

At the moment, several large investment companies are waiting for approval of their own ETFs on bitcoin by the U.S. Securities and Exchange Commission. The launch of such ETFs is considered in the crypto community as a catalyst for a new bull cycle in the market.

Leave a Reply

Your email address will not be published. Required fields are marked *