Bitcoin experienced a notable surge, reaching $38,800, a level not witnessed since May 2022. This upward movement is part of a robust multi-month trend driven by growing anticipation of institutional interest in the cryptocurrency.
In the past 24 hours, Bitcoin recorded a nearly 3% increase, mirroring the positive momentum observed in global stock markets. Pre-market trading saw a 0.17% rise in futures for U.S. indices S&P500 and Dow Jones, while the Stoxx 600 European index gained 0.52% since Friday’s opening.
This price upswing aligns with the enthusiasm surrounding a forthcoming spot exchange-traded fund (ETF) in the U.S. Additionally, on-chain indicators suggest a substantial amount of Bitcoin has been moved to cold storage, indicating strong demand and a reduced likelihood of imminent selling pressure.
Bitcoin’s strength has contributed to an overall market capitalization that surpassed the $1.5 trillion mark on Thursday, marking an increase of $400 billion since the beginning of October.
The market has witnessed significant growth in large-cap tokens, driven by compelling narratives in artificial intelligence, layer 1 blockchains, and gaming. Tokens like Solana’s SOL and Avalanche’s AVAX have seen their prices more than double over the past two months.
In a recent update, Standard Chartered Bank has reiterated its April forecast, maintaining a bullish stance on Bitcoin’s trajectory. The bank affirms that Bitcoin (BTC) is set to hit $100,000 by the end of 2024. The optimistic outlook is underpinned by the anticipated approval of U.S.-based spot bitcoin ETFs, a pivotal development expected to occur sooner than initially projected.