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Bitcoin Today 12/31/2024: BTC is on track to close 2024 with an increase of 120%
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The price of Bitcoin (BTC) is on track to close the year 2024 with an annual appreciation of 120%. At the beginning of this year, the biggest cryptocurrency on the market cost around $44,160 and today, December 31, 2024, each BTC is already worth US$94 thousandapproximately, according to data from CoinGecko.
The year 2024 was marked by significant advances for Bitcoinwith the approval of spot ETFs in the United States, consolidating the asset as a widely accessible institutional investment option.
Additionally, BTC adoption by companies like MicroStrategy and Metaplanet, as well as countries like El Salvador and Bhutan, has continued to grow. This adoption reinforces the role of cryptocurrency as a global store of value.
THE Donald Trump victory in the US presidential elections also brought a positive sentiment for the market. After all, Trump made statements favorable to the crypto sector and financial innovation, even promising to create a Bitcoin Strategic Reserve.
Bitcoin delivers 120% increase in 2024
Despite having faced periods of high volatility, with macroeconomic events and regulatory decisions impacting its price throughout the year, BTC ends 2024 with a significant appreciation.
However, this final stretch of 2024 has been challenging for Bitcoin. This is because the cryptocurrency registered a significant drop last Monday (30), reaching $91,300its lowest level in more than a month, before a slight recovery. This movement occurs amidst a retracement trend which also affects the majority of altcoins on the market.
After weeks of volatility, Bitcoin is struggling to stabilize. Two weeks ago, the cryptocurrency traded above $108,000fueled by the optimism generated by Donald Trump’s victory in the US presidential elections.
However, the scenario has changed with stricter statements from the Federal Reserve regarding monetary policy for 2025.
Since then, BTC suffered a sequence of devaluationsfalling to $92,000 last Friday. Despite recovery attempts that took the price temporarily back to the $100,000 mark, the asset faced strong resistance and retreated again.
Yesterday, the fall culminated in the minimum value of $91,300according to data from CoinGecko. As fears of a possible break below $90,000 gained traction, BTC found support and was boosted higher $94,000where it is currently traded. Considering the last 24 hours, the price of Bitcoin registers a slight recovery of 0.4%.
Bitcoin Today 12/31/2024: BTC is on track to close 2024 with an increase of 120%
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Bitcoin Today 12/31/2024: BTC is on track to close 2024 with an increase of 120%
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Bitcoin Today 12/31/2024: BTC is on track to close 2024 with an increase of 120%
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Bitcoin Today 12/31/2024: BTC is on track to close 2024 with an increase of 120%
