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Bitcoin Price Nears $41,000 Amid Broader Crypto Rally

The value of Bitcoin has exceeded the $40,000 threshold, marking the first instance since early May 2022. After lingering around the $40,000 mark in recent days, Bitcoin broke through late on Sunday, reaching over $40,750 in the latest update, indicating a 24-hour increase of almost 4%. Over the past week, Bitcoin’s price has risen by nearly 10%, according to Coingecko data.

Ethereum Surpasses $2,200 Mark

Concurrently, the second-largest cryptocurrency, Ethereum (ETH), also followed an upward trend, surpassing the $2,200 mark amidst the broader market surge. Ethereum was noted to be trading at $2,205, displaying a comparable percentage increase over the preceding 24 hours. While several other cryptocurrencies within the top 10 by market capitalization recorded modest gains, the BNB coin associated with the Binance exchange showed a marginal decrease of approximately 0.1% in the last 24 hours.

Bitcoin’s recent ascent comes in the wake of its dip below $40,000 in April 2022. Despite the dip, the largest cryptocurrency by market cap has demonstrated an upward trajectory over the past few months. This surge is attributed, in part, to what appears to be accommodative comments from U.S. central bankers and optimistic anticipation surrounding the potential approval of a spot Bitcoin exchange-traded fund (ETF) in the country.

Similarly, Ethereum, which had not exceeded the $2,200 mark since May 2022, has approached this threshold multiple times in recent weeks. An interesting trend in Bitcoin transactions has been the withdrawal of 37,000 BTC by holders between Nov. 17 and Dec. 1, indicating a preference for direct custody of their coins.

Bitcoin Rallies 120% in 2023

Bitcoin’s price has undergone a remarkable rally, surging by over 120% throughout the year, generating optimism among industry experts that this upward trend will continue into 2024.

Pascal Gauthier, CEO of Ledger, underscored this positive outlook, noting that 2023 seems to be a preparatory year for the anticipated bull run in 2024 and beyond.

Nevertheless, the cryptocurrency landscape has not been without its challenges since Bitcoin reached its previous record high of nearly $69,000 in November 2021. The industry has witnessed issues ranging from project collapses and bankruptcies to criminal trials. Recently, high-profile cases involving FTX and Binance have reached resolutions, and industry observers view these outcomes as potential turning points in addressing longstanding challenges within the crypto market.

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What we write about

I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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