Bitcoin, the number one cryptocurrency by market capitalization, continues its rise at the weekend. The cryptocurrency, which left the $ 39,000 level behind today, has set its sights on $40,000.

The price rise came in the evening hours according to UTC. Bitcoin, which hovered near $ 39,000 during the day, reached $ 39,705 with a large breakout. The price increase sparked excitement across the cryptocurrency market. The rise in Bitcoin was followed by other cryptocurrencies.

Ether, for example, surpassed $2,150. On the other hand, ORDI, IOTA and TIA showed the best performance among the top 100 cryptocurrencies by market capitalization. These cryptocurrencies gained 40 percent, 36 percent and 23 percent, respectively. The total value of the cryptocurrency market also came very close to 1.5 trillion dollars for the first time in a long time.

Spot ETF expectations support the price

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

Good start in December for Bitcoin

Bitcoin, which made a good start to December, reminded us of the past.

In December 2017 and 2020, Bitcoin broke the records of those periods by rising very sharply.

Bitcoin, which started December 2017 at $10,000, was at $3,000 in September and only $2,000 in August. On December 18, Bitcoin hit the $20,000 mark ($19,665). With the subsequent declines, a long bear season that would last for 3 years had begun.

Bitcoin made a big move in the last part of 2020. With PayPal’s cryptocurrency support, money entered this area quickly and the largest cryptocurrency surpassed its $20,000 record in 2017.

Bitcoin, which started November 2020 at $13,000, was at $29,000 in December.