Bitcoin Hits Above $45,800, its Highest Level Since April 2022

TL;DR

• BTC is up by more than 7% in the last 24 hours and is now trading above the $45k level.

• BTC is now trading at its highest level since April 2022. 

BTC Approaches the $46k Level

Bitcoin, the world’s leading cryptocurrency by market cap, is approaching the $46k level following its recent rally. It is up by more than 7% in the last 24 hours and is now trading above $45,800. 

This is the highest level Bitcoin has traded since April 2022, with the bulls still in control of the market. Bitcoin is now roughly $15k away from the all-time high of $69k it set in late 2021.

The ongoing rally is fueled by growing speculation that the US Securities and Exchange Commission (SEC) will approve a U.S.-based spot bitcoin ETF in the coming days.

Grayscale, BlackRock, and Fidelity are all in the running to launch a spot Bitcoin ETF, the first of its kind in the United States. According to a Reuters report, the regulatory agency could begin notifying ETF sponsors as soon as Tuesday if their applications were approved.

Solana (SOL) and Avalanche (AVAX) are the best performers amongst the top 10 cryptocurrencies by market cap, adding more than 11% to their values in the last 24 hours.

Thanks to the ongoing market rally, the total cryptocurrency market cap now stands at $1.76 trillion, up by 6.5% over the last couple of hours.