Bitcoin, the largest cryptocurrency by market capitalization, surged beyond expectations on Monday, marking a new yearly high of $42,108. This surge firmly positions Bitcoin at a level not seen since April 2022, reflecting a remarkable 6.89% increase within the last 24 hours, settling currently at $41,595.
The surge in Bitcoin’s value is part of a staggering performance throughout 2023, where the cryptocurrency has more than doubled in price, rebounding over 134% from the tumultuous crypto rout in 2022.
This rebound has significantly outperformed traditional investments like stocks and gold, reaffirming Bitcoin’s resilience in the financial landscape as Ether, Cardano, XRP, Shiba Inu, Solana super bullish sentiments prove weighty.
Bitcoin Price to Hit New All-Time-High
The latest surge has garnered attention and speculation from prominent figures within the crypto sphere, notably Bitcoin proponent Max Keiser. Keiser, known for his bullish stance on Bitcoin, predicted an imminent all-time high (ATH) for BTC, projecting a monumental surge to $220,000.
In a recent post on X (formerly Twitter), Keiser confidently stated, “New ATH for BTC on this pulse, $220,000 in play,” aligning with his unwavering belief in Bitcoin’s potential.
Bitcoin’s journey to its previous ATH of over $69,000 in November 2021, followed by a subsequent 64% decline, was driven by a series of industry bankruptcies and macroeconomic concerns. Despite this, the current price reflects a 42.69% decline from its previous peak.
Keiser’s bold prediction finds resonance with Galaxy Digital CEO Mike Novogratz, who also anticipates Bitcoin’s ascent to its former highs with the potential approval of a Bitcoin ETF.
As reported by ZyCrypto, Novogratz foresees an influx of billions of dollars into the ETF industry upon its trading commencement, aligning with the rising institutional appetite for cryptocurrency assets.
Institutional Capital Starting to Flock Crypto
Institutional investors’ renewed interest in Crypto majors like Ether, XRP, Solana, Cardano, Shiba Inu has been evident, as reflected in substantial inflows into institutional-grade crypto asset funds.
CoinShares reported the largest weekly inflows since late 2021, reaching a record high of $346 million for the week, propelling total assets under management to an 18-month high of $45.3 billion.
As the crypto market eyes the coveted $50,000 mark in the short term, December historically stands as a mixed month for Bitcoin. However, the resurgence in institutional investment and bullish sentiments from influential figures like Keiser and Novogratz pave the way for heightened expectations and optimistic projections in cryptocurrency.
