Bitcoin prices surpassed $42,000 on Monday after exceeding $40,000 over the weekend for the first time in more than a year. In all, Bitcoin prices have increased by more than 120% in 2023, making rally crypto.
Other cryptocurrencies, such as Ethereum, Dogecoin, and Bitcoin Cash, have also increased in value. The enormous inflows to crypto investment funds, according to CoinShares, have pushed the total to a record $1.76 billion, marking the ninth straight week of investment in this area.
Ledger CEO Pascal Gauthier recently told CNBC that It feels like this was a year to prepare for the upcoming bull run. But the outlook for next year and 2025 is really positive.
Bitcoin famously apexed at a price of over $69,000 in November 2021, and investors are hoping to see the world’s largest cryptocurrency return to that level in the following year.
However, the crypto markets have been buffeted by a number of high-profile implosions in the last year, including the demise of FTX, the Terra-Luna algorithmic stablecoin, and Three Arrows Capital.
David Marcus, founder and CEO of Lightspark, told CNBC that he thinks that once you get the speculative phase out of the way, which he supposes we’re almost done with, probably not yet completely done, then you can get real builders focusing on the technology and the problems that can solve in the world, rather than just having a giant digital casino for people to trade.
The excitement around spot Bitcoin exchange-traded funds (ETFs) is also a significant driver of experts’ favorable outlook toward Bitcoin.
“I think what the ETF means really is that Bitcoin is going mainstream, and that’s what people were waiting for,” he added.
The next Bitcoin halving in May 2024 will also drive higher prices.
Vijay Ayyar, vice president of international markets at cryptocurrency exchange CoinDCX, told CNBC that several market participants anticipate a bull run after the halving. Still, given the ETF news, we could have a run before that, leaving most investors on the sidelines. This might result in a significant price increase.
Standard Chartered Bank recently projected that a flurry of spot Bitcoin ETF approvals by the United States Securities and Exchange Commission (SEC) might pave the way for the world’s largest cryptocurrency to hit a new high of $100,000 before the end of next year with the one of the biggest rally crypto.