On Monday, the price of Bitcoin surged past $41,000 for the first time since the Terra crash in April 2022, laying the stone for the next bull run in 2024. PayBito CEO, Raj Chowdhury claims it is an early Christmas gift for Bitcoin maximalists.
PALO ALTO, Calif., Dec. 5, 2023 /PRNewswire-PRWeb/ -- Bitcoin has seen a remarkable surge of over 120% this year, and experts are optimistic that this trend will continue into 2024. The currency's previous all-time high of almost $69k was achieved in November 2021. Following that, the crypto industry faced a range of challenges, including the collapse of coins and projects, bankruptcies, and legal trials.
However, after hovering around the $40,000 level, Bitcoin's price finally breached it on Monday, reaching over $41,400. Over the past 24 hours, the cryptocurrency saw a rise of almost 5%, while Ether saw a similar percentage increase and was trading at $2,240. Among the top ten cryptocurrencies by market capitalization, BNB coin affiliated with the Binance exchange marked smaller gains and was down by approximately 0.1% during the past day. At the same time, gold prices hit a record high of over $2,100 per ounce during the early Asian trading hours.
Bitcoin maximalists and Chief of PayBito Raj Chowdhury states, "2023 was about preparing for the forthcoming bull run. Optimism is high for 2024 and beyond. As speculation wanes, true innovators can now shift focus from a digital trading frenzy to harnessing Bitcoin's potential for real-world impact."
According to CoinDesk, Bitcoin holders withdrew 37,000 BTC between Nov. 17 and Dec. 1, indicating a shift towards direct custody. Investors are focused on positive developments such as the possibility of a Bitcoin ETF approval and the upcoming Bitcoin halving in May 2024. The halving event typically triggers a new rally and keeps a cap on the supply of Bitcoin.
"This remarkable surge is not just a financial milestone but a profound Christmas gift for traders worldwide," concludes Chowdhury. He previously highlighted the potential of cryptocurrencies to create a borderless world.
The recent surge in the price of Bitcoin has once again highlighted the cryptocurrency's potential for real-world impact and its status as a unique asset class. While some view it as a risky investment, others see it as a haven during times of geopolitical strife. The possibility of a Bitcoin ETF approval and the upcoming Bitcoin halving, the optimism for Bitcoin's future remains high. As we head towards 2024 and beyond, it will be interesting to see how the cryptocurrency market evolves and how Bitcoin continues to shape the world of finance.
About Raj Chowdhury:
Raj Chowdhury is the Managing Director of HashCash Consultants and Paybito. Raj pioneered the first interbank Trade Finance and Remittance implementation of Blockchain Technology between two of the largest global banks. Raj is an eminent voice in the Blockchain and Cryptocurrency space and actively engages with policymakers in this area. He is a contributor to the Economic Times, Business World, and CNNMoney and advises industry leaders in the adoption of Blockchain. He is a member of Asha Silicon Valley, a nonprofit committed to education for children in emerging countries. Author of the book 'The Dark Secret of the Silicon Valley', Raj is an investor in blockchain and cryptocurrency companies and an active member of the philanthropic community.
Coleen Facete, Hashcash Digest, +14159662907, [email protected]