Bitcoin surged nearly 10 percent to $24,057 on Wednesday, adding a significant $1,846 to its previous close. The world's biggest and best-known cryptocurrency is currently up 45.8 percent from the year's low of $16,496 on January 1.
"Bitcoin hovered above the $24,000 level after trading lower for several days. This surge is due to investors liquidating their positions, pushing the price higher. Compared to its low point a month ago, BTC has increased by 61%. In the past 24 hours alone, BTC surged by more than 11%, reaching this level for the first time in two weeks," said Edul Patel, Co-founder and CEO at Mudrex said, according to ET.
Momentum Likely to Continue
"If bullish investors maintain their momentum, BTC may reach US$25,000 soon. Overall, there is bullish sentiment in the market," analyst said.
Other top cryptocurrencies also traded higher. While Polygon surged 9.6 percent, Solana, Cardano, Shiba Inu and BNB also posted gains. The global cryptocurrency market cap hit $1.11 trillion, climbing nearly 8 percent in the last 24 hours. Ether rose 6.91% to $1,664 on Wednesday.
Analysts said Bitcoin is in for more gains. "Should the fractal play out, there is a strong possibility for a rally in Bitcoin price. Considering a similar 68.5% rise in value this time, BTC would climb to $41,256 by the end of the following month," FX Street said in a report.