Cryptocurrencies Surge in Early 2024

Cryptocurrencies have made a strong start in 2024, led by bitcoin, which exceeded $45,000 on Tuesday, reaching its highest level since April 2022.

Bitcoin's value soared to $45,296, marking a significant increase compared to its close at just over $42,500 in 2023. A key driving factor behind this surge was the anticipation surrounding the potential approval of bitcoin exchange-traded funds (ETFs). In 2023, bitcoin witnessed a remarkable 157% surge, although it still stands at a considerable 37% below its all-time high achieved in 2021.

Crypto market enthusiasts have long awaited the approval of a spot bitcoin ETF by the U.S. Securities and Exchange Commission (SEC). Speculations suggest that the oversight agency may give its response to ARK Invest and 21Shares's application by January 10 and BlackRock's application by March 15.

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According to unnamed sources cited by Reuters on Saturday, the SEC is expected to notify asset managers, including BlackRock Asset Management, about the approval of their ETFs as early as next week.

In addition to bitcoin's rise, other cryptocurrencies also experienced upward movement. Ethereum (ETH) increased by 1.9% to $2,381.50, while Solana (SOL) saw a gain of over 5% to reach $113.92.