BTC, ETH Surge To New 2023 Highs After Rallying
Cryptocurrencies ETH and BTC have reached new 2023 highs, with ETH trading above $2,250 and BTC exceeding $41,500 for the first time in 19 months. The markets broke into new year-to-date highs on December 2 and accelerated on December 3. BTC is trading at its highest level since April 2022, while ETH reclaimed price structure not seen since May 2022.
An additional 63% surge would put BTC at new all-time price highs, while Ether needs to rally 115% to break its previous record high. Gold has also seen impressive gains, gaining 18.5% since October. Analysts attribute the market action to expectations that the U.S. Federal Reserve’s wave of interest hikes is over, suggesting the central bank may begin reducing rates in early 2024. Digital assets continue to ride high following meetings between Bitcoin ETF issuers and the U.S. Securities and Exchange Commission.
(With inputs from Shikha Singh)
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