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After the bear market experienced in 2022, Bitcoin hit its bottom at the beginning of 2023 and then began to recover, compensating for most of the losses caused by the bear market. The year 2023 was generally a recovery year for Bitcoin (BTC).
Current Status of Bitcoin
Bitcoin seems focused on re-achieving a price movement above the $45,000 resistance level following the potential news of a spot Bitcoin ETF. Expectations continue to rise after last night’s developments on the subject. Additionally, situations like the BTC halving continue to support this price movement.
Throughout the past week, all eyes were on the Securities and Exchange Commission (SEC), and there was a global anticipation that the SEC would approve the ETF at the beginning of January.
On the other hand, it is useful to remember that the BTC gains in 2023 came after consolidating below $30,000. These gains occurred despite potential negative news affecting the cryptocurrency sector.
As an example, Binance CEO Changpeng Zhao had accepted criminal charges against him in recent months and resigned from the company’s CEO position following a $4.3 billion settlement with the Department of Justice.
Nevertheless, cryptocurrencies showed resilience and did not decline. Even more remarkable is that despite high interest rates in the US and around the world, Bitcoin did not lose its momentum and rose to $45,950.
$1,000 Bitcoin Investment
Looking at the return on a $1,000 investment in Bitcoin at the beginning of 2023, a positive trend is observed due to the overall growth in price.
Bitcoin, which had fallen to $16,327 in January 2023, achieved a notable increase of 162%, reaching today’s value of $43,689, surpassing $43,000.
To answer the question, investors who invested $1,000 in Bitcoin would have seen a noticeable value gain on their initial investment, turning that $1,000 into $2,620.
Bitcoin started 2024 with a noticeable rise, surpassing the $45,000 level on January 2, a level not seen since April 2022. Particularly, Bitcoin reached $45,950, marking the peak of the last 21 months, and showed a gain of 156% over the past year, achieving its strongest annual performance since 2020.
How Much is Bitcoin?
At the time of writing, Bitcoin was trading at $43,689, and despite pulling back from $45,950, it had gained over 3% in value in the last seven days.
While there is a growing expectation of a price increase, trading volume indicators were showing the opposite trend. There was a 30% decrease in trading volume in the last 24 hours, falling below $25 billion. The overall volume was down by 0.29%, hovering just below $860 billion.
Meanwhile, specifically for Bitcoin, there continues to be an increase in on-chain activities by whales. On January 4, it was observed that there were 16,900 transactions exceeding $100,000 within a 24-hour period.
