Since the beginning of January, the price of Bitcoin (BTC) has increased by 130%. In November 2023, BTC saw another gain of over 9%. This growth surpassed that of tech stocks and gold, as reported by Bloomberg.
Analysts expect the emergence of ETF funds investing in Bitcoin on the American market. Even the legal proceedings against Sam Bankman-Fried, the founder of FTX exchange, and Changpeng Zhao's resignation as CEO of Binance couldn't dampen market participants' optimism.
On Friday, BTC rose by 2.35%, reaching $38,586. Ethereum (ETH) was trading at $2,097 at the time of this review, while Binance Coin (BNB) approached $230. Solana (SOL) cryptocurrency surged by more than 5%, reaching $60.82.
Fiona Sincott, Head of Analytics at City Index Ltd, believes that Bitcoin could reach $40,000 shortly after the introduction of an ETF fund in the United States.
It was recently revealed that MicroStrategy purchased $593 million worth of Bitcoin in November, increasing the company's reserves in the largest digital currency to $6.5 billion.
Michael Saylor's announcement of additional Bitcoin purchases triggered a capital inflow into cryptocurrency at the end of the current week.
