According to data from analysis company Coinmarketcap, the value of the global cryptocurrency market, including Bitcoin, increased by 5.88 percent in 24 hours, exceeding $ 1 trillion 740 billion.
The price of Bitcoin, the largest cryptocurrency, has gained more than 7 percent in the last 24 hours amid growing expectations that the US Securities and Exchange Commission (SEC) will approve some of the 13 Bitcoin spot ETF applications (exchange-traded funds) in early January.
Expectations that major central banks will start to cut interest rates this year and move towards a more supportive monetary policy also support the increase in Bitcoin.
WEEKLY GAIN EXCEEDED 6 PERCENT
Bitcoin, traded at $ 45,322 as of 09.30 today, reached its highest value since April 2022. Bitcoin's weekly value gain exceeded 6 percent.
Bitcoin has gained more than 60 percent since October 2023, but it is still far from its record high of $ 68,990 in November 2021. In addition, the price of Bitcoin has gained about 157 percent in the last year.
Analysts see the launch of a spot ETF in Bitcoin as an important step towards greater distribution and acceptance of the digital currency.
13 COMPANIES APPLIED
Blackrock, the world's largest asset management company, and 13 other companies, including VanEck, WisdomTree (WT.N), Fidelity, Bitwise, Grayscale Investmens and Invesco, had applied to the SEC for a Bitcoin spot ETF.
While the SEC has rejected numerous applications to launch spot Bitcoin ETFs in recent years, arguing that the cryptocurrency market is open to manipulation, the SEC stated that there will likely be a sudden drop in Bitcoin in the new year in response to a possible rejection.
Ethereum, which ranks second in terms of market capitalization, has also gained more than 5 percent in the last 24 hours, reaching $ 2,380. Etherum broke a record by rising above 4 thousand dollars in 2021.