Bitcoin Ends 2024 Trading Year at $93,000 Range

1.4%↑ Compared to 24 Hours Ago

Bitcoin is fluctuating around the $93,000 mark on the last trading day of 2024, the 31st (local time).

Yonhap News

According to the US cryptocurrency exchange Coinbase, as of 7:41 PM Eastern Time on that day, Bitcoin was priced at $93,722 per coin, up 1.40% compared to 24 hours earlier. This is about 13% ($14,000) lower than the all-time high of $107,800 recorded on the 16th.

However, compared to the end of 2023 when it was in the $42,000 range, it has surged approximately 130% over the year. The increase was driven by institutional capital inflows following the US authorities' approval of 12 spot exchange-traded funds (ETFs) earlier last year. Additionally, the pro-cryptocurrency policies of then President-elect Donald Trump also had an impact.

Nevertheless, as the US Federal Reserve (Fed) is expected to moderate the pace of interest rate cuts this year, selling pressure has intensified, keeping Bitcoin below $100,000. There are simultaneous forecasts that Bitcoin could rise to $200,000 under Trump's second-term policies or fall to $80,000 if those policies are not implemented.

At the same time, Ethereum, ranked second in market capitalization, was trading at $3,352, up 0.18%, and Ripple was up 2.74% at $2.10. Solana was down 0.01% at $191, and Dogecoin was up 1.75% at $0.32.