Hassan Maishera
TL;DR
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Bitcoin surged by 156% in 2023, ending the year trading above $42k.
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Investors are now looking forward to this year’s halving event, with the market predicted to rally higher.
BTC Starts 2024 Trading Above $42k
Bitcoin, the world’s leading cryptocurrency by market cap, has begun the new year trading above $42k. It is up by less than 1% in the last 24 hours and underperforming over the weekend.
BTC began 2023 trading just above the $16k mark following the FTX crash in late 2022. However, it rallied by 156% in 2023 to end the year trading just above the $42k level. Its performance made it one of the best performers amongst the leading assets in the world.
With Bitcoin now above $42k, investors are eyeing two major events in 2024. The US SEC is expected to make its decision on several spot Bitcoin ETF proposals in the coming weeks. Experts believe that the SEC could approve at least one spot Bitcoin ETF application, with BlackRock, Fidelity, and Grayscale all in the running.
Another major event investors are looking forward to is the Bitcoin halving. Block-halving events happen every 4 years or 210,000 blocks on the Bitcoin blockchain. Bitcoin's initial block reward was 50 BTC. The current block reward is 6.25 BTC, the next block reward will be 3.125 BTC. This lowers the rate at which Bitcoins are generated. The halving is periodical and is programmed into Bitcoin's code.
The next Bitcoin halving will occur in 108 days. Historically, Bitcoin has set new all-time highs following its halving event. Hence, investors are expecting the market to reach a new all-time high in the coming months.
