Bitcoin surges past $42k in a year-long rally

According to price charts, Bitcoin reached $42,000, a dollar value investors have not seen since April 2022.

At the time of writing, Bitcoin price (BTC) saw a 5.9% increase in the last 24 hours and a more than 140% surge in the last year.

The increase in Bitcoin price is said to come following the anticipation of an approved Bitcoin exchange-traded fund (ETF), with the US Securities and Exchange Commission (SEC) expected to have a decision by Jan. 10.

Despite the SEC’s rejection of spot Bitcoin ETF applications in the past, much of the crypto community is now expecting a different outcome.

Following the earlier spike, the price of the coin has since stabilized at around $41,500.00

An earlier report from Dec. 4 shows that alongside an increasing price, Bitcoin had been reported to have entered the top 10 largest assets by market capitalization.

The Infinite Market Cap portal showed earlier that Bitcoin’s market cap had reached $809.6 billion, 3% less than Meta, which currently holds a market cap of $834,76 billion, in what might be the turn in the previous crypto winter.