The price of Bitcoin has slightly gone up by less than 1% within the last 24 hours, reaching around $34,450. It has remained at this level for approximately a week, but it is still lower than its recent highest point of over $35,000. This peak was the highest point for Bitcoin since the bear market in May 2022. Since mid-October, Bitcoin has witnessed a significant increase of approximately 30%, which has disrupted the previously stagnant cryptocurrency markets known for their low volatility and trading volumes.

Konstantin Shulga from Finery Markets explains that this rally demonstrates a rising sense of confidence among investors. Traders are eagerly awaiting approval from the Securities and Exchange Commission (SEC) for spot Bitcoin ETFs. If granted, this approval could lead to a surge in investor interest and a quicker acceptance of digital assets by institutions.

The relationship between the digital currency and gold has become stronger because of geopolitical risks in the Middle East, which adds to the narrative of it being a digital form of gold. However, its connection to stock indices like and has become weaker. The upcoming monetary policy decision by the Federal Reserve is expected to impact these stock indices and Bitcoin, as Bitcoin tends to follow their patterns. It is anticipated that the central bank will maintain stable interest rates and may provide information about future borrowing expenses.

Ether’s value has experienced a slight increase, surpassing the $1,800 mark in recent cryptocurrency updates. Conversely, smaller tokens like Polygon have encountered declines in their prices.