Bitcoin crosses another major threshold, testing its highest level in 20 months
Cryptocurrencies have been following a very active trend as of this week. Bitcoin crossed another major threshold yesterday, testing its highest level in 20 months. So, what is the main reason for the rise in cryptocurrencies in recent days?
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Bitcoin, the highest-volume cryptocurrency, which turned upward as December began and has shown sharp gains day by day, continues to make a name for itself in the market. The recent recovery in cryptocurrencies is attracting the attention of investors.
Bitcoin tested its highest level in 20 months yesterday by climbing above the 44 thousand 488 dollar mark. Bitcoin last tested this level on April 6, 2022.
The leading coin has retreated from the 20-month peak it saw yesterday and is trading at the 43 thousand 450 dollar level today.
GAINED 164 PERCENT SINCE THE BEGINNING OF THE YEAR
The leading coin continues to generate returns with the rise it has shown in recent days. Looking at the year-to-date performance, gains in Bitcoin have reached 164 percent.
WHAT IS THE MAIN REASON FOR THE SHARP RISE?
It has been known for a long time that institutional investors have been showing interest in Bitcoin and cryptocurrencies. In particular, the strong expectation that the US Securities and Exchange Commission (SEC) could approve a Bitcoin-based exchange-traded fund (ETF) by January 10 is driving buying in Bitcoin.