Bitcoin (BTC) price surpassed $47,100 on January 8 as spot approvals for Bitcoin ETFs are expected in the coming days.
Bitcoin price was $47,162 at 7:15 p.m. UTC. At this point, the market cap is about $918 billion.
The recent peak represents daily gains for Bitcoin and other top ten crypto assets. Bitcoin (BTC) is up 6.2% in 24 hours, while Ethereum (ETH) is up 4.8% over the same period . Additionally, Cardano (ADA) is up 4.6%, Avalanche (AVAX) is up 2.6%, Solana (SOL) is up 3.8%, and XRP is up 2.0%. The overall cryptocurrency market is up 4.0% in 24 hours.
Bitcoin's current value represents a 21-month high not seen since April 2022. In May 2022, shortly after this previous high, a widespread market crash occurred following the collapse of TerraUSD and various crypto lending services. The market's long-term price recovery began in January 2024 and continues today.
A possible ETF approval may be associated with profits
Although numerous factors influence the price of Bitcoin, optimism surrounding the likely approval of a spot Bitcoin exchange-traded fund (ETF) could be a factor.
Notably, CNBC reported at 3:54 p.m. UTC that several ETFs are expected to be approved in the coming days, based on two sources familiar with the matter. The news outlet said the funds are expected to be approved on Wednesday, January 10, and trading is likely to begin on Thursday, January 11, or Friday, January 12.
There was also other positive news about ETFs. Standard Chartered predicted that Bitcoin ETFs could bring $50 billion to $100 billion in inflows into the crypto market over the course of 2024. VanEck bought $72.5 million worth of Bitcoin to launch his ETF, while Grayscale and other companies entered a “fee war” to offer competitive interest rates.
SEC Chairman Gary Gensler warned against Bitcoin investments and, despite his negative tone, implicitly hinted at new crypto products.
In recent weeks, the U.S. Securities and Exchange Commission (SEC) met with asset managers and accepted amendment requests from those applicants, marking important steps toward product approval.
Any of these and countless other events could have influenced investor sentiment and increased demand for Bitcoin and therefore its market value.
BTC price and market data
At press time, Bitcoin is ranked #1 in terms of market capitalization, which is also the case for BTC price high 6.09% in the last 24 hours. BTC has a market capitalization of $919.75 billion with a 24-hour trading volume of $42.53 billion. Learn more about BTC ›
BTCUSD chart from TradingView
Market overview
At press time, the global cryptocurrency market is valued at at $1.73 trillion with a 24-hour volume of $87.67 billion. Bitcoin dominance is currently at 53.20%. Find out more >
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