Why Bitcoin’s Staggering 260% YTD Surge Could Be Just The Start
07 Diciembre 2023 - 12:00PM
NEWSBTC
The price of Bitcoin slowed down its ascend following a week of
smashing critical resistance levels. However, the rally is likely
in its early stages, with BTC preparing to see further profits in
the coming months. Related Reading: Bitcoin Shakeout Drives $190
Million In Losses For Over 81,000 Traders As of this writing, the
cryptocurrency trades at $43,300, reclaiming levels last seen in
2022 before the crash to its yearly lows. In the weekly chart, BTC
records a 15% rally, with Ethereum following the trend while other
altcoins lagged behind the two most prominent cryptocurrencies.
Spot Bitcoin Jumps 15% In December, Eyes On Potential SEC Approval
The crypto market has witnessed another remarkable surge in Bitcoin
(BTC), with a 15% increase in just the first week of December.
According to QCP Capital’s latest market update, this growth takes
BTC’s year-to-date (YTD) gain to 260%. This exponential rise is
primarily attributed to the anticipation surrounding the approval
of a spot Bitcoin Exchange-Traded Fund (ETF) by the U.S. Securities
and Exchange Commission (SEC). On December 1st, the SEC announced
that January 5th, 2024, will be the final deadline for rebuttal
comments. This timeline sets the stage for probable approval in the
week following. Although QCP Capital humorously notes that the
significance of the 15th anniversary of Bitcoin’s Genesis block on
January 3rd, 2024, might be lost on the SEC, the “market has
certainly taken note.” As Bitcoin nears the $45,000 mark leading up
to the expected announcement, investors are weighing how much of
this news has already been priced. The post-ETF approval period
will be critical, as the real impact depends on the actual flows
from the ETF in its initial trading weeks. A ‘sell-the-news’ event
is possible next year if expectations don’t match reality. Asian
Buyers Re-Enter Market, When Altcoin Season? The December 1st
announcement has also spurred renewed interest from Asian buyers,
who had been less active in the preceding month. Notably, most of
the recent spot gains have occurred during U.S. trading hours as
investors in the country take positions in preparation for the SEC
announcement. As the market prepares for the launch of the spot
ETF, investors won’t find themselves short of options. With 13
applications for spot ETFs and several others for leveraged and
options-based ETFs in the pipeline, the traditional finance
ecosystem surrounding BTC (and soon ETH) is poised for significant
expansion. QCP Capital anticipates that in a market characterized
by low costs and tight spreads, structured products might emerge as
a key asset class for generating alpha, similar to other markets
like gold. The trading desk noted: This means that should spot BTC
top on launch day itself, it will not stop the Traditional Finance
ecosystem boom around BTC, and soon ETH – the likes of which we
have been writing about for years now. Related Reading: Apollo
Crypto Predicts Bitcoin Price Of $200,000 This Cycle, Here’s Why A
report from the Glassnode co-founders indicates that the altcoin
sector is already trying to catch up with the current BTC price
action. The current pullback could provide an opportunity for
smaller coins waiting to benefit from the bullish momentum. How
much longer will altcoins trail behind before making their move? 🚀🔮
📈 The Bitcoin narrative continues to steer the ship, but a closer
look reveals the total altcoin market cap playing catch-up. 🚀 With
Ethereum and BTC leading the way, we are potentially on the brink
of… pic.twitter.com/KC1QdWmnlE — 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_)
December 7, 2023 Cover image from Unsplash, chart from
Tradingview
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