The Strategist

Bitcoin price hits highest in over a year

10/24/2023 - 10:19

Bitcoin’s exchange rate hit its highest point in 1.5 years at the start of the week. Subsequently, the value of stocks held by cryptocurrency-related enterprises is increasing.
The price of Bitcoin surpassed $34,000 on October 24, for the first time since May 2022. The day prior, the rate crossed the $30,000 threshold for the first time since August.

According to Reuters, the cryptocurrency's growth was prompted by false information on the Middle East's circumstances and the US government's acceptance of Bitcoin-ETF. CNBC notes that investors believe that the approval of the Bitcoin-ETF will have an impact between the end of 2023 and the first half of 2024.

CoinMarketCap reported that the price of Bitcoin has surpassed $34,000 per coin on October 24. Later, the price of a bitcoin dropped, but it eventually rose above $33,000.

This outperforms the cryptocurrency market's performance over the last ninety days. According to CoinMarketCap, the rate has increased by more than 14% in the past 24 hours. The most popular cryptocurrency had a 10% increase in price the day before, breaking the $30,000 barrier for the first time since August 2023.