Bitcoin Hits 21-Month High of $45,000 Amid Ongoing Crypto Rally

         

Bitcoin reaches its highest level since April 2022, hitting $45,000 as the cryptocurrency rally continues into 2024.

Bitcoin Surges to 21-Month High

On Monday, Bitcoin surged to its highest level in nearly 21 months, reaching an intra-day high of $45,519.52, the first time it has traded above $45,000 since April 2022. In early Tuesday trading, it extended the rally to touch an intra-day high of $45,913 before paring some gains.

Reasons Behind Bitcoin’s Price Gain

The price gains for Bitcoin are attributed to the optimism surrounding the potential approval of the first bitcoin exchange traded fund (ETF) in the U.S. Additionally, the upcoming ‘halving’ event in 2024, which will reduce the supply of Bitcoin in the market, has contributed to the positive sentiment.

Rally Extends to Other Cryptocurrencies

Ether and Solana also experienced price rallies, with Ether trading around $2,405, up approximately 4.5%, and Solana surging 11% to about $115. The overall rally in cryptocurrencies seems to continue into 2024.

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