Bitcoin briefly hit $47,000, pushing the overall crypto sentiment in the market to its highest levels in the last 24 hours this year.
Across multiple altcoins, general crypto sentiment improved significantly over the last 24 hours. Bitcoin took a massive price jump, crossing $47,000 for a short while. Though it is trading below the current level, the overall crypto market cap has grown much higher. The spot Bitcoin ETF and its likely approvals have driven the crypto community for over a month. Most experts believe that ETFs are imminent in the current scenario.
The crypto fear and greed index has tilted towards extreme greed recently, suggesting higher buying activity. In the week ahead, the market may see some profit booking, but earlier approvals could also move the market higher.
Meanwhile, global bank Standard Chartered has posted an optimistic future of the crypto market with the existence of ETFs. The bank’s analysts expect Bitcoin to reach the $200,000 trading level by 2025 with the help of ETFs.
“We expect Bitcoin to enjoy price gains of a similar magnitude as a result of US spot ETF approval, but we see these gains materializing over a shorter (one- to two-year) period, given our view that the BTC ETF market will develop more quickly,” said the Standard Chartered executives.
BTC/USD 1D price chart
Bitcoin is currently trading at around $46,700 on January 9, 2024, with BTC/USD trading higher by a margin of 6.3% in the last 24 hours. Bitcoin’s market cap was trading at around $914 billion.
BTC/USD is trading lower than its 20-day EMA (43,593.80), as BTC’s 24-hour volume was at around $41 billion. The crypto market cap increased by around 5.35%, trading above $1.72 trillion. BTC’s year-to-date returns are above 11.36%.
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