Bitcoin squeaked briefly above $45,000 on New Year’s Day, a view it hasn’t enjoyed since April 2022, and echoing the rollercoaster of January that year, when the price of the world’s leading cryptocurrency oscillated above the threshold three times within a matter of days, interleaved with dips as low as $36,000.

Bitcoin was last at $45,000 on April 5, 2022, and sunk as low as $15,742 on November 9, according to Coingecko. Its New Year’s Day market cap exceeded $836 billion, seeing trading volumes of $22 billion.

At the time of writing, BTC is up over 171% compared to this time last year, rising more than 13 perccent over the past month, and up over 5% for the day. Bitcoin kicked off 2023 at under $17,000 per coin.

This year, it’s the drawn-out anticipation of the approval of a Bitcoin spot ETF by the SEC that appears to be driving much of the upward movement. But many deadlines have come and gone with no formal action on any number of pending applications to offer a spot ETF. Could 2024 finally be the year it happens? And will the price of Bitcoin jump or plummet?

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Author: Stacy Elliott

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