Despite growing uncertainties, Bitcoin's price is going up again, reaching nearly $69,000 this week, which prompted industry experts to forecast it will rise to $80,000 this year.
This massive positivity on the crypto market is due to Thursday's US Securities and Exchange Commission's (SEC) approval of spot Ethereum exchange-traded fund (ETF) listings on US stock exchanges.
However, the actual trading will not begin until the SEC approves individual ETP operators, which could be delayed, according to experts, as the SEC could drag the approval process.
Bitcoin Is Rallying Again, and Forecasts Remain at $80,000
Amid the constantly shifting landscape of crypto markets, Bitcoin emerged as the most volatile. From its March peak of over $73,000, Bitcoin has recently experienced a notable decline.
After reaching above $71,000 on Monday, the price dropped again, settling around $68,600 on Thursday, more than 7% lower from its highest point this year.
However, a new report from CoinGape brings good news to Bitcoin fans. The crypto is forecast to reach $80,000 this year and is seen rallying again after a massive drop below $58,000 earlier this month.
Bitcoin doubters could be wrong again about the digital coin, as key support and resistance lines have been established in the past few weeks to help it rise again. This week, Bitcoin regained its power and is now growing again.
Spot Ethereum ETF's Launch: Did it Help Increase Bitcoin?
Ethereum and several meme coins or altcoins are still in the red zone of the charts, but the SEC's resounding approval of spot Ethereum ETFs may indicate a change in the future.
That said, it is not yet a massive mover in today's crypto market, as trading will not start until the SEC approves ETP operators individually. Such approval would enable the public to invest in Ethereum without directly purchasing and storing it themselves.
Bitcoin's Rally This 2024
After an almost three-year slump, Bitcoin regained its power, fame, and influence in the market this year. Despite the many investors who doubted the digital coin, its performance proved otherwise.
In April, the value of Bitcoin fell by almost 16% after investors booked profits on a rally that took the price to record highs over $70,000. However, Bitcoin has continued to rise in the past few weeks, demonstrating investor confidence and resilience.
It only took less than a month for Bitcoin to cross the $60,000 mark, but doubts still emerged, with some calling it a bubble, which is the rapid rise in crypto prices due to hype, speculation, and psychological factors.
However, Bitcoin's swift recovery from recent lows has made some investors say the rebound will likely continue, and it will soon hit the $80,000 mark, a new all-time high for the world's most traded crypto.
