Bitcoin Price Hits $47,000 Ahead Of ETF Approvals

Cryptocurrency prices traded higher early Tuesday as anticipation mounts that a wave of bitcoin spot ETF applications will be approved this week. Bitcoin on Monday briefly climbed above $47,000 for the first time since April 2022 as applicants filed their final amendments and set fees for their proposed bitcoin ETFs.

Meanwhile, other trends are set to drive bitcoin in 2024, including the upcoming halving event in April and influx of institutional participation.

Bitcoin traded around $46,600 early Tuesday, after surging above $47,250 late Monday. Monday's jump marked bitcoin's  highest level since April 2022. The world's largest cryptocurrency rebounded about 157% in 2023. Bitcoin is up more than 8% so far this year.

Ethereum hovered near $2,300 Tuesday morning, shy of its Monday peak of $2,358. Ethereum fell from around $2,350 at the beginning of January after briefly eclipsing $2,400 at the end of December. ETH last traded above $2,400 in May 2022.  The No. 2 crypto jumped roughly 92% in 2023. Ethereum is up almost 1% so far in 2024.

Digital asset investments are extremely volatile. While cryptocurrency's fundamentals and technical indicators may differ, investors should focus on the same key objectives. First, stay protected by learning when it's time to sell, cut losses or capture profits. Second, prepare to profit if the cryptocurrency starts to rebound.