Bitcoin and other cryptocurrencies have retained their high values on Monday, with the premier digital currency trading near $35,200, approaching its recent peak of $36,000. This marks some of the highest prices since May 2022's severe bear market and a significant rebound from its December trough of $16,000. The recent rally triggered a 30% surge in Bitcoin's value within mere weeks, breaking away from the previous low volatility phase.
The price stabilization is linked to expectations that the Federal Reserve's interest rate hikes have ceased.
Key catalysts for this surge include anticipated U.S. regulator approval of the first spot Bitcoin exchange-traded fund (ETF) and Middle East geopolitical risks, reinforcing Bitcoin's "digital gold" status. This scenario is fostering investments in riskier assets like cryptocurrencies.
Growth is also seen in other digital assets like Ether and altcoins such as Cardano and Polygon. Projections indicate Bitcoin could approach $50,000 in the near future.
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