The capitalization of bitcoin (BTC) increased by about $530 billion in 2023.
The digital currency has surpassed gold and technology stocks in terms of profitability. However, it has yet to break above $45,000.
On the night of Friday, December 29, the BTC exchange rate fell to $42,450. Analysts at ETC Group published a study in which they called 2023 the period of BTC’s recovery.
The cryptocurrency was able to gather its strength and prepared for the new year, according to the results of which it should update the historical maximum.
The result of the next phase of growth will be to reach $100,000 by the end of 2024, ETC Group noted.
BlackRock’s bid to launch a bitcoin-ETF exchange-traded crypto fund in June 2023 created conditions for the return of the bullish trend.
Sociological surveys have shown that the number of holders of digital assets has grown significantly globally over the past 12 months.
Approximately 18% of investors from various countries have adopted bitcoin and other virtual currencies. ETC Group assumes that 20% of asset managers will allocate up to 3% of their capital to BTC.
Thus, after the legalization of spot crypto funds, more than $33.5 billion may come to the market of digital currencies.