Ajaib Crypto: Bitcoin Breaks Through 42,000 US Dollars, Highest Since May 2022!

Bitcoin experienced the highest price increase throughout 2023 (photo: Pexels)

JAKARTA - Over the last 24 hours, Bitcoin (BTC) has strengthened 4.22 percent, with an increase from 40,220 US dollars (IDR 623.5 million) to 42,418 US dollars (IDR 657.6 million) on Monday, December 4 evening.

Furthermore, on Tuesday, December 5 this morning, BTC was at 41,920 US dollars (IDR 649.9 million) with a jump of 12.75 percent in the last week, reflecting a consistent positive trend.

At this price, BTC recorded its highest record since May 2022, dispelling the concerns that hit the crypto market after the collapse of FTX and other crypto business failures in 2022.

Meanwhile, Ethereum (ETH), the second largest crypto, experienced significant growth, reaching 2,247 US dollars (IDR 34.8 million) with an increase of 1.60 percent in 24 hours and 10.55 percent in a week.

Not only Bitcoin and Financial Expert Ajaib Crypto Panji Yudha also saw several altcoins experiencing interesting increases. Like Celestia, up 50 percent, Conflux (CFX) up 35.11 percent, and the meme token Pepe (PEPE), a token that emerged and went viral this year, increased 27.70 percent.

"Even though there is a surge in altcoins, it looks like the altcoin season will probably occur between 2024-2025, due to various important events anticipated next year," said Panji in his statement.

Because according to him, the market feels anticipation for the Bitcoin halving event, which historically has been a trigger for significant price increases because it reduces the rate of new Bitcoin creation.

In addition, the price of Bitcoin has risen by more than 140 percent throughout 2023. This also supports positive sentiment in the crypto market to continue the bullish trend until 2024-2025, considering the Bitcoin market cycle based on the Bitcoin halving event which will occur around April 2024.

"Meanwhile, even though the SEC has not given direct approval to a Crypto Asset ETF, the current situation, coupled with market enthusiasm and anticipation of the Bitcoin halving, provides a positive picture for the crypto market in the midst of this era of transformation," explained Panji further.

"All of this signals the potential for continued bullish momentum, with the Bitcoin halving event becoming a focal point for the crypto market going forward," he concluded.