Bitcoin rises to $38.8K for the first time since May 2022

Bitcoin rose to $38,800 for the first time since May 2022 during European morning hours on Friday, continuing its strong multi-month upward trend supported by expectations of institutional demand.

The asset has added nearly 3% over the past 24 hours, reflecting an uptick in global stock markets. US S&P 500 and Dow Jones futures jumped 0.17% in pre-market trading, while the European Stoxx 600 index added 0.52% since Friday’s open.

Price jumps come as trance About a planned spot exchange-traded fund (ETF) in the US is heating up and on-chain behavior indicates that a large amount of assets have been moved into cold storage – Indicates the request There is no imminent selling pressure.

Bitcoin’s strength has also helped boost its overall value proposition, which crossed the $1.5 trillion mark on Thursday and added $400 billion since the start of October.

Strong narratives in AI, layer-one blockchains, and gaming have helped the growth of large-cap tokens – with Solana’s SOL and Avalanche’s AVAX doubling in price in the past two months.

Meanwhile, some market watchers have said that Bitcoin may see weak growth as December progresses.

“In terms of seasonality, December is a relatively neutral month of the year, adding half the time over the past 12 years,” Alex Kuptsikevich, chief market analyst at FxPro, said in an email. “The average gain is 30.8%, while the average decline is 12.8%.”

See also  Elon Musk tells Zelensky that more Internet stations for SpaceX are on the way

Leave a Reply

Your email address will not be published. Required fields are marked *