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Bitcoin Crosses Above $40K for the First Time Since April Last Year

Bitcoin Surpasses $40,000

Bitcoin resumed its uptrend over the weekend, crossing above $40,000 on Monday morning. According to statistics on CoinGecko, BTC, the oldest and the largest cryptocurrency by market capitalization, traded at its current price back in April 2022, a month prior to the collapse of the Luna ecosystem, which caused a marketwide contagion, marking the start of a downtrend.

It’s worth mentioning that Bitcoin’s price of $40,335 means that the coin’s value has more than doubled since last December. BTC grew 15.32% in November, becoming one of the top performers that month.

Drivers of the Bitcoin Rallying

So, what are the drivers behind the rally? According to several analysts, statements made last week by the Federal Reserve governor Christopher Waller have partly influenced the latest rally. On Wednesday, Waller said there was growing confidence within the US Central Bank that inflation could drop to 2% in the coming months.

Since the Fed started raising interest rates last year, investors shifted their focus from “risk-on assets” like cryptocurrencies in favor of bonds. However, the latest positive sentiment from Waller appears to have ignited investor interest in digital currencies.

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Meanwhile, other analysts are convinced that BTC is surging mainly due to excitement over Bitcoin ETF approval. That can’t be far from the truth, considering that developments around Exchanged-Traded Funds have caused Bitcoin to rally massively in recent weeks. ETF analyst James Seyffart said on X last week that the United States Securities and Exchange Commission might approve some of the ETF fillings before the deadline set on January 10.

BTC isn’t the only digital currency rallying. The second-biggest crypto asset, Ethereum, has added 2.3% to its value in the last 24 hours to cross above $2,200 for the first time in eighteen months.

Dogecoin has continued surging since Elon Musk’s interview, where he accused several companies of attempting to blackmail him with advertisements. The meme coin is valued at $0.086518 as of this writing.

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NFT Prices Are Also Rallying

Besides cryptocurrencies, several top NFT collections have seen their floor prices rise over the last few days. According to data from NFT Price Floor, NFT projects Azuki, Penguins, and DeGods have witnessed their floor prices grow by 20% or more over the past seven days.

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Andrew Richard

Andrew is a news writer for Tokenhell, he enjoys tuning in to the daily crypto markets and writing about the latest updates and happenings.

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