Bitcoin Soars to $38.8K, Highest Since May 2022

• Bitcoin Reaches $38,800 for the First Time Since May 2022
• Positive Indicators for Bitcoin's Growth
• Capitalization Boost and Other Emerging Trends
• Market Predictions for Bitcoin's Growth in December

Bitcoin Reaches $38,800 for the First Time Since May 2022

During Friday's European morning hours, Bitcoin$42,260 -0.64% surged to $38,800, a peak unseen since May 2022. This upward trend, supported by the anticipation of institutional demand, has been consistent over several months. Over the last 24 hours, the asset has seen a near 3% increase, reminiscent of the global stock market's rise.

Positive Indicators for Bitcoin's Growth

Capitalization Boost and Other Emerging Trends

Bitcoin's robust performance has further impacted the cryptocurrency's total capitalization, which exceeded $1.5 trillion on Thursday. Since October, an impressive $400 billion has been added to Bitcoin's capitalization. This growth has been underpinned by compelling narratives in artificial intelligence, layer 1 blockchains, and gaming. Large-cap tokens have benefitted from these trends, with Solana$104 5.03%'s SOL and Avalanche's AVAX prices more than doubling in recent months.

Market Predictions for Bitcoin's Growth in December

Despite the positive indicators, some market analysts speculate that Bitcoin might witness tempered growth as December unfolds. They refer to the historical data of the past 12 years, characterizing December as a month that delivers half the time. According to FxPro's Senior Market Analyst Alex Kuptsikevich, the average growth is 30.8%, while the average decline sits at 12.8%.

Edited by Jonathan Stoker