The price of the first cryptocurrency has strengthened above the $45,000 mark, accompanied by a significant increase in trading volume.

Hourly BTC/USDT chart on Binance exchange.

The last time digital gold reached such high values was in early April 2022, before Terra collapsed and "infected" the entire cryptocurrency market.

Among the top 10 cryptocurrencies by market capitalization, only Solana and Avalanche showed higher daily growth rates than digital gold.

Over the last 24 hours, the total liquidation volume reached $141.94 million, with $123.4 million attributed to the closing of short positions.

Experts from Matrixport express their expectation that Bitcoin may reach the $50,000 mark in the current month. They assert that the main factors contributing to the rise in the price of the first cryptocurrency will be the approval of spot ETFs, institutional investments, a shortage of available coins in the market, and historical trends.

Currently, the price of Bitcoin stands at around $45,400, and the total market capitalization of cryptocurrencies reaches $1.82 trillion according to CoinGecko.

Earlier, analysts from CryptoQuant also speculated that Bitcoin could surpass the $50,000 level in early 2024. This forecast is based on the analysis of the activity of digital gold holders and the consideration of transaction volume dynamics, market capitalization, and Metcalfe's Law in the context of cryptocurrencies.