CandleFocus This is how Bitcoin (BTC) performed in 2024 so far
2024-12-07
Author: Content Editor
Bitcoin has had an impressive year in 2024, reaching an all-time high above $100,000. This achievement can be attributed to factors such as major Wall Street players entering the cryptocurrency space and discussions about Bitcoin in the political arena. The year can be divided into three phases: a surge from January to March, consolidation from April to September, and a resurgence in momentum from October onwards. The approval of spot exchange-traded funds (ETFs) in the United States played a significant role in driving institutional adoption and investor interest. The approval of the ETF also marked a mainstream nod for Bitcoin. The asset gained attention in the political scene around the U.S. presidential elections, with then-Republican nominee Donald Trump attending the Bitcoin Conference and making promises related to Bitcoin. Trump's intentions to implement these promises and his nomination of pro-crypto Paul Atkins as SEC Chair contributed to Bitcoin's surge above $100,000. Analysts predict further positive sentiment and price movement for Bitcoin, with predictions of it reaching $200,000 by 2025. Bernstein analysts believe Bitcoin will eventually replace gold as the top 'store of value' in the long run.
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