Bitcoin has made headlines once again as it rallies amid the awaited approval of Bitcoin-spot exchange-traded funds by the United States Securities and Exchanges Commission (SEC). The SEC has been delaying approval of the ETFs, and the crypto community has taken the time to comment on the matter.
The major influence of these pending digital products could further spike BTC’s price, which is already hovering around $37,700 to $38,000. According to expert predictions, this market value could rise to fresh highs not seen since May 2022. This coming week shows promise for the major digital currency and could see its price reach $40,000.
Bitcoin’s rally towards the $40,000 level
The cryptocurrency market has been calm the past week, and ending on Friday, Bitcoin showcased an intruding development that was influenced by the awaited Grayscale spot Bitcoin ETF approval. Bitcoin rallied and touched $38,000 during the Friday US Thanksgiving holiday, indicating a fresh 18-month high.
At the previous levels reached last year in May, Bitcoin soared to the same levels amid the collapse of the Terra mega crypto project. The incident ignited the fall of most crypto market prices, which led to bankruptcy claims by most companies dealing with digital assets.
Currently, Bitcoin’s price is tagged at $37,780 and shows a drop in its price by 0.13% in the past 24 hours. Its trading volume has also recorded a 62.34% drop in the past day, but its weekly gain is a 3.18% increase. Bitcoin’s monthly gain is currently recorded as a 9.46% increase.
The crypto community has shared its reviews on the rallying BTC price, and among them was an ETP specialist, Laurent Kssis. The analyst commented:
When approved, the volatility of BTC will be significant during these periods, which create additional risks for investors as well as opportunities for those arbitraging. Would not be surprised if we see 40K being broken this weekend.
Laurent Kssis.
Additionally, Jim Cramer from CNBC, who had bought BTC and then bashed it, also commented and shared a positive review of the digital asset. He even suggested that people should back the major currency again. He exclaimed:
For a while, I liked it, then I decided: You know what? The money had been made. But I was premature […] When you make a lot of money, let’s not look back.
Jim Cramer
Cramer had previously said in a December interview last year, “It’s never too late to sell an awful position, and that’s what you have if you own these so-called digital assets.”
Rallies of other cryptos
The ETF buzz has increased investor confidence in BTC, which has predicted an influx of institutional investments that would drive its market value to the upside. Moreover, an increase in such large money investors would spill over to other assets and cause a rally in the entire cryptocurrency market.
Other digital assets showed a similar rally, and second on the list is Ethereum, which has also reached new highs not seen in the past 18 months. This was on Friday during the US Thanksgiving holiday and then dipped again. At the time of writing, ETH is valued at $2,079.93 and records a 5.90% weekly increase. Its monthly gain is at 15.53%, but its daily trading volume has plummeted by 57.43%.
Solana’s SOL has also continuously rallied over the past month and recorded a 79.02% monthly increase. However, its rally has slowed down and now records a 0.78% drop in price over the past 24 hours, with a price tag of $58.27 at the time of writing.
