Bitcoin price stands above 1,500,000 baht, 19-month high as Bitkub Exchange responds to Bitcoin Spot ETF trend
Photo from https://www.bitkub.com/th/market/btc On December 6, 2023 at approximately 10:55 AM.
The price of Bitcoin (BTC) increased by approximately 4.68% on December 6, 2023, around the level of 1,535,000 baht, overall, within 24 hours, BTC reached a high of 1,549,999.97 baht and a low of 1,454,062.06 baht on the Bitkub Exchange trading board.
On the other hand, other cryptocurrencies, such as Ethereum (ETH), rose by approximately 2.49% to a high of 81,000 baht, or Cardano (ADA), which rose by 4.51% to a high of 14.99.
As for the factors supporting the rise in digital currency prices, analysts believe that this is mainly due to the fact that the Bitcoin Spot ETF is likely to be approved for official trading by the US Securities and Exchange Commission in January 2018. In 2024 or early next year, If the Bitcoin Spot ETF is approved, it could bring a huge amount of money into the cryptocurrency market. Investors then buy bitcoins to accumulate them and wait for the price to rise.
This round of Bitcoin price gains has also pushed the cryptocurrency’s total market cap to over $1.55 trillion. Meanwhile, Bitcoin’s market cap surpassed Meta’s market capitalization of $821.96 million (about 28,932,992,000 baht) to become the ninth most valuable asset in the world*.
(Information from Companiesmarketcap as of December 6, 2023)
Another factor that has a positive impact on the price of Bitcoin is most likely the Bitcoin Halving event that is starting to get closer and closer, which is an important event that often causes the cryptocurrency market to return to a long-term upward trend, and it is expected that the upcoming Bitcoin halving will reduce the Bitcoin mining reward. Following the halving from 6.25 BTC to 3.125 BTC, leading to a decrease in the supply of Bitcoin. Investors then began buying Bitcoins to accumulate in anticipation of the Bitcoin halving.
Reference: Bitkub blog