Cryptocurrency markets have seen a significant increase in optimism in the last month. This newfound positivity has been primarily attributed to the anticipation that U.S. regulators may approve the first Bitcoin exchange-traded fund (ETF) before the end of 2023. As a result of this optimism, Bitcoin (BTC) surpassed $37,000 last week, its highest level since April 2022.
This resurgence of positivity has brought with it an influx of liquidity, historically a sign of a coming bull market. The cryptocurrency market has added $600 billion in value in the last year, a 75% increase, and Bitcoin’s value has increased by 120%.
At the time of writing, BTC is changing hands at $36,996, down 0.4% on the day. Over the past week, it has gained around 4%, and over the past month, its market cap has increased by roughly $200 billion, bringing its year-to-date return to 123%.
Crypto analyst el_crypto_prof stated that BTC may be entering its “biggest bull run ever”, supported by a rare buy signal on the M-Chart, which last appeared eight years ago.
Investors should be aware that any investment carries risks. It is important to research thoroughly before investing in cryptocurrencies.