In a remarkable turn of events, Bitcoin, the pioneering cryptocurrency, soared past the $45,000 mark on Tuesday, marking its highest value since April 2022. The surge comes on the heels of a stellar year for Bitcoin, which saw a staggering 156% increase in value in 2023, culminating in a 21-month high of $45,532.

Despite this monumental breakthrough, Bitcoin still lags behind its record high of $69,000 achieved in November 2021, though it managed to climb 2.5% to reach $45,318 in the latest rally.

Ether, the token linked to the Ethereum blockchain network, also witnessed notable growth, rising by 91% in 2023 and recording a 1.45% increase to $2,386 on Tuesday.

This surge in cryptocurrency value coincides with growing optimism surrounding the potential approval of exchange-traded spot bitcoin funds. Attention is particularly focused on the possible authorization of a spot bitcoin ETF by the U.S. securities regulator, a move expected to attract billions of dollars in investments and significantly broaden the accessibility of the bitcoin market to a wider pool of investors.

The recent shift in stance by the Central Bank of Nigeria (CBN) further underscores the evolving landscape of crypto assets. In December 2023, the CBN reversed its prior stance on crypto assets in Nigeria, instructing banks to disregard the earlier ban on crypto transactions. This policy reversal signals a potential shift in the regulatory environment surrounding cryptocurrencies in Nigeria, reflecting broader global trends in the sector.

As the cryptocurrency market continues to evolve and capture the attention of investors worldwide, the surge in Bitcoin’s value underscores the growing relevance and impact of digital assets on the global financial landscape.