Bitcoin Rate Updates Annual Maximum

The cryptocurrency rose above $38 thousand.

The Bitcoin (BTC) rate immediately reached $38,035 against the stablecoin Tether USD (USDT) on the Binance exchange, which became a new high for 2023. Exactly one year ago, on November 24, 2022, the first cryptocurrency was trading around $16,600. Thus, over the past year, Bitcoin has grown by almost 130%.

Since November 10, Bitcoin has been trading in the range of $35,600 - $38,000. According to some analysts, such price consolidation is a positive sign for further upward movement.

Of the top ten largest cryptocurrencies by capitalization, the most noticeable positive dynamics are demonstrated by Dogecoin (DOGE) - 1.87%, Ethereum (ETH) - 1.83%, Cardano (ADA) - 1.91%. At the same time, ETH has grown stronger than other major coins over the past seven days; its price increased by 7.17% over the week.

In mid-October, Bitcoin began to rise rapidly amid news of the possible approval of a spot Bitcoin ETF by the US Securities and Exchange Commission (SEC). In less than a month, the rate of the main cryptocurrency increased by almost $10 thousand.

Currently, several large investment companies are awaiting approval of their own Bitcoin ETFs by the US Securities and Exchange Commission. The launch of such ETFs is considered in the crypto community to be a catalyst for a new bull cycle in the market.