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Mumbai, December 17: Bitcoin experienced remarkable growth in 2024 reaching an all-time high price. The surge in Bitcoin price was due to many factors that led to the fluctuations in the crypto leader's value. The bullish market was fueled by the analysts who predicted that there the price of Bitcoin would rise even more this year reaching higher than ever before.
Bitcoin value rose due to three main factors - favourable regulatory environment, political changes and institutional interest. These factors fueled the interest of crypto investors and made them pour more money into the rising market of cryptocurrency. Despite many altcoins, most of the buyers go for Bitcoin as it is the first and most valued cryptocurrency in the market. Know why Bitcoin value rose significantly in 2024. Mukesh Ambani, Gautam Adani Net Worth Drops; India’s 2 Richest Men No More in Elite USD 100 Billion Wealth Club.
Market Sentiment
Market sentiment is the major reason behind the rise and fall of Bitcoin price. Crypto market is driven by speculation which intensifies based on the news and events. These news and events are responsible for fear or greed in the market that affect the value of Bitcoin and other cryptocurrencies.
ETFs Approval
This year, US SEC approved ETFs which was the major reason for significant jump in the value of Bitcoin. As of March 2024, the value of Bitcoin increased to USD 73,000 reaching all-time high. United States approval of ETFs (Exchange-Traded Fund) was the primary reason for the surge in the Bitcoin value. Top Newsmakers of 2024: From Gautam Adani to Lawrence Bishnoi and ‘Bal Sant Baba’ Abhinav Arora, List of Figures Who Made Headlines This Year.
Institutional Investors
This year, interest of institutional investors grew towards buying Bitcoin amid approval of ETFs by the United States. Largest Bitcoin holders in 2024 are founder Satoshi Nakamoto, MicroStrategy, Tesla and BlackRock. These companies are known as "Bitcoin Whales" in crypto market. Besides, some government including the United States, China, the United Kingdom and El Salvador own some Bitcoins.
Political Change
The biggest change Bitcoin saw this year is a political shift which increased its value unlike before. The price of Bitcoin rose significantly reaching all-time high after Donald Trump got elected as the 47th President of the United States. He announced that he would welcome Bitcoin and other cryptocurrencies in the United States. The new administration's crypto-friendly approach increased Bitcoin's value, making it reach an all-time high crossing the USD 1,00,000 mark.
Bitcoin value increased significantly this year and it again reached another all-time high USD 1,06,000 mark as of December 16, 2024. The reports suggested that the value of Bitcoin could reach a historic USD 2,00,000 mark in 2025 or higher making it one of the most valuable cryptocurrency of next year.
(The above story first appeared on LatestLY on Dec 17, 2024 06:00 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).
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