Bitcoin reached its all-time high this year after investors weighed words made by Federal Reserve Chair Jerome Powell, who hinted that interest rates would remain steady.
The largest cryptocurrency by market value extended its surge on Friday, surpassing $39,000 on the Coinbase crypto platform.
With its current spike, Bitcoin has hit its highest value since May 2022, just before the cryptocurrency industry was shaken and values began to fall gradually owing to the Terra ecosystem’s collapse.
since the year comes to a conclusion, cryptocurrency speculators are focusing on the chance that Bitcoin may hit $40,000, since the largest digital asset has more than doubled in value this year.
So far this year, Bitcoin has gained by more than 133%, outperforming advances in many other traditional industries as investors shifted to riskier assets.
The cryptocurrency community’s and traders’ optimism that the US Securities and Exchange Commission would soon approve the first exchange-traded fund directly connected to Bitcoin is driving up prices.
Bitcoin price path cleared for $40,000
According to on-chain analytics startup Santiment, Bitcoin nearly reached $39,000 on news that the US Federal Reserve’s interest rates may remain stable until at least 2024.
Santiment feels that with this move, Bitcoin’s route to a $40,000 price has already been cleared.
Adding to this optimism is the fact that focus has shifted away from altcoins and toward BTC, which, according to Santiment, signals “enough fear typically required for prices to continue rising.”
Santiment discovered that, while interest in altcoins waned, Bitcoin’s social influence grew in just one month.
BTC was up 0.78% in the previous 24 hours to $38,782 at the time of writing, reaching intraday highs of $38,848 in Saturday’s trading session.
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