Bitcoin, which has been hovering at levels close to $40,000 for weeks but could not exceed this band, finally crossed $40,000.

The number one cryptocurrency by market capitalization rose to $40,250 in the new week. With this rise, Bitcoin’s market capitalization exceeded 780 billion dollars, while the total market capitalization of cryptocurrencies reached 1.5 trillion dollars.

The rise in Bitcoin was followed by other cryptocurrencies. Ether, for example, surpassed $2,200. Among the top 100 largest cryptocurrencies, LUNC surged 33 percent, FTT 18 percent, USDTC 14 percent and ORDI 12.5 percent.

Expectations related to the spot Bitcoin ETF are thought to be behind the rise in Bitcoin. Companies will be able to create and launch Bitcoin funds on the stock exchange if the SEC approves them. Although it is not certain whether the agency will approve spot ETFs, experts see a 90 percent chance of approval in January.

Ryan Rasmussen, research analyst at investment management firm Bitwise, told CNBC, “It’s safe to say that the market is grinding higher in anticipation of a spot bitcoin ETF approval in January. There’s also the next bitcoin halving set to occur in May 2024, which is a strong catalyst for price that most people are missing as they’re hyper-focused on a spot bitcoin ETF.”

Photo by Beata Zawrzel/NurPhoto via Getty Images