Bitcoin’s (BTC) price is holding steady above $43,000 U.S. after a big rally over the past week that has analysts forecasting continued gains for the largest crypto by market capitalization.
The price of Bitcoin is currently at $43,750 U.S., having risen from $38,000 U.S. over the past week to hit its highest level since April 2022.
Bitcoin’s price has risen about 65% since mid-October and is now up 164% on the year. The rally has been sparked by expectations that U.S. regulators will soon approve the first spot Bitcoin exchange-traded fund (ETF), which could attract a fresh wave of capital from investors.
Strong macroeconomic conditions and expectations that the U.S. Federal Reserve will cut interest rates next year has also increased investors’ appetite for riskier assets such as crypto.
Analysts say that the U.S. jobs report that is being issued today (Dec. 8) could act as a catalyst that further moves the price of Bitcoin higher.
A weaker-than-expected jobs report could increase the likelihood that the Fed will cut interest rates soon, which would be good news for cryptocurrencies.
Beyond Bitcoin, smaller cryptos are also rallying currently. The price of Ethereum (ETH), the second biggest digital token, has gained 97% this year to trade at $2,350 U.S.
