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Bitcoin Hits Beyond $37,000 with 2.4% Growth in 24 Hourss

Key Takeaways
  • Bitcoin surpasses $37,000, marking a 2.4% increase in the past 24 hours and reaching a new high
  • Speculation around the potential approval of spot Bitcoin ETFs by major firms, including Blackrock, contributes to the rapid surge
  • Broad positive trend in the cryptocurrency market, with notable gains in major altcoins like Ethereum, Binance Coin, XRP, Solana, and Cardano
20 Nov 2023 By: Simran Mishra
Bitcoin Hits Beyond $37,000 with 2.4% Growth in 24 Hours

Bitcoin Surpasses $37,000 Mark, Takes Steps Towards New High

The world's most popular cryptocurrency, Bitcoin, has crossed the $37,000 level. It's worth noting that in the past 24 hours, BTC has seen a 2.4% increase in value. As of the time of writing, Bitcoin was trading at $37,361. Bitcoin has been showing strong performance for the past month. Just a few days ago, BTC reached above $35,500 and set a new 1.5-year high. 

Today, Bitcoin has once again reached a new high, and investors are hopeful that in the coming days, Bitcoin will surpass its all-time high and establish a new record. It is speculated that one of the main reasons behind this rapid surge is the potential approval of spot Bitcoin ETFs by several major firms. Reports suggest that the SEC may soon approve spot Bitcoin ETFs from firms like Blackrock.

Rapid Gains in Ethereum and Other Altcoins

In the past 24 hours, the cryptocurrency market has not only witnessed a surge in Bitcoin but also in Altcoins. Ethereum, the second most popular cryptocurrency, was trading at $2,036 with a 4.3% increase in the last 24 hours. Similarly, Binance Coin (BNB) was trading at $248.86 with a 2.4% increase. XRP, Solana, and Cardano also saw gains of 2.6%, 0.9%, and 6.0%, respectively. As of the time of writing, XRP was trading at $0.626636, Solana at $60.85, and Cardano at $0.396236.

The overall bullish sentiment in the cryptocurrency market can be attributed to several factors, including growing institutional interest and increasing adoption of blockchain technology. Institutional investors are becoming increasingly involved in the crypto space, with many establishing dedicated cryptocurrency investment funds. Additionally, the integration of blockchain technology into various industries, such as finance, supply chain, and healthcare, is driving broader acceptance and use of cryptocurrencies.

However, it's important to note that the cryptocurrency market is highly volatile, and prices can fluctuate rapidly. Investors should exercise caution and conduct thorough research before making any investment decisions. While the recent price surges are encouraging for crypto enthusiasts, they should also remain vigilant and stay informed about market developments to make informed choices in this dynamic and evolving space. 

Also read - Astrobotic to Send Dogecoin to Moon: A Crypto-Space Milestone