Bitcoin Surpasses $40,000 Mark, Achieving This Milestone for the First Time Since April 2022

Bitcoin has surged to its highest level in nearly 20 months, surpassing $40,000 for the first time since April 2022. The cryptocurrency’s impressive recovery of 140 percent since January 2023 and a 15 percent increase since November indicates a positive trend in the crypto market. 

The notable upswing is attributed to sustained market interest in the potential approval of Bitcoin spot exchange-traded funds (ETF) in the United States. The US Securities and Exchange Commission (SEC) has been in deliberations, with various companies seeking permission to operate Bitcoin ETFs.

The surge in Bitcoin’s price is mirrored by Ethereum (ETH), which is trading above $2,200 for the first time since May 2022. Both cryptocurrencies have experienced steady increases, with a 3 percent rise in the last 24 hours. Concurrently, non-fungible token (NFT) projects like Pudgy Penguins, DeGods, and Azuki have seen significant value gains in the past 24 hours.

This positive momentum in the cryptocurrency market reflects growing confidence and enthusiasm, with analysts suggesting ongoing developments regarding Bitcoin ETFs contribute to the optimistic outlook.