Bitcoin marked a quick rise from $46,000 to $47,000 after the spot Bitcoin ETFs were approved by the SEC recently, and the crypto surge could continue steadily.
Traders and investors observed a broad crypto surge within 24 hours of the spot Bitcoin ETF approvals. After months of deliberations, the Securities and Exchange Commission (SEC) approved the crypto ETFs. At the same time, the crypto market has been on a gradual climb since the latter part of 2023. With the approvals, it could jump even further in 2024 and break its record-high levels.
Analysts had long expected the crypto ETFs to boost the market with more capital inflows. The higher inflows will likely help liquidity increase, aiding altcoins to trade higher. Meanwhile, the crypto industry has erupted with much higher optimism with the final approvals. The bullish signals could help Bitcoin extend to $50,000 within January itself.
SEC Commissioner Mark Uyeda published a statement voicing how he had supported the ETFs. At the same time, he mentioned some concerns regarding the approval process.
Meanwhile, tokens like Solana and XRP saw significant gains in the crypto market. Cardano and Avalanche also witnessed steep hikes. Ethereum saw a big 10% jump, crossing $2,600. The overall crypto market cap could see steady gains till reaching the $2 trillion mark soon.
BTC/USD 1D price chart
Bitcoin is currently trading at around $47,100 on January 11, 2024, with BTC/USD trading higher by a margin of 3.4% in the last 24 hours. Bitcoin’s market cap was trading at around $921 billion.
BTC/USD is trading higher than its 20-day EMA (43,843.40), as BTC’s 24-hour volume was at around $52 billion. The crypto market cap increased by around 5.1%, trading above $1.79 trillion. BTC’s year-to-date returns are above 10.32%.
With a likely crypto rally coming, now is the best time to start crypto trading! Join Millionero and seamlessly do so!