The most famous cryptocurrency, Bitcoin, broke the level of $45,000 per unit in early trading on Tuesday, the highest level in 21 months.
This comes as appetite for high-risk investments continues to rise and expectations of further regulation of the cryptocurrency market in the world.
Other cryptocurrencies also joined the rise, with both Ethereum and Solana rising by rates ranging between 4 and 6 percent.
The cryptocurrency market is receiving support regarding the possible approval of a Bitcoin exchange-traded fund (ETF) in the United States, as well as the upcoming Bitcoin “halving”, which is one of the tools that reduces the supply of the cryptocurrency globally.
According to CoinDesk platform data, the price of the largest cryptocurrency in the world reached $45.5 thousand in early trading today, which is the highest level since April 5, 2022.
The continued gains in Bitcoin prices also come on the heels of 2023 when the price of the digital currency rose 152 percent at a time when many analysts expect the bold rises to continue.
In 2024, Bitcoin will also undergo a “halving,” a technical event in which the rewards offered to cryptocurrency miners are halved and this reduces the supply of Bitcoin on the market.