Supported by demand expectations from institutional investors, Bitcoin (BTC) briefly rose to $38,800 for the first time since May 2022, continuing a strong multi-month upward trend.

Bitcoin has risen nearly 3% in the past 24 hours, reflecting the rally in global stock markets. U.S. stock index S&P 500 and Dow Jones Industrial Average futures rose 0.17% in pre-market trading, while European stock index STOXX Europe 600 index rose 0.52% since trading began on Dec. 1.

Excitement surrounding a planned spot exchange-traded fund (ETF) in the US has heated up, with on-chain activity suggesting a significant amount of assets have been moved into cold wallets, driven by demand and impending selling pressure. It shows a lack.

The strength of Bitcoin has supported the rise in the overall market capitalization of crypto assets (virtual currencies), reaching the $1.5 trillion (approximately 225 trillion yen, exchange rate of 1 dollar = 150 yen) mark on November 30th. It has increased by $400 billion (approximately 60 trillion yen) since the beginning of October.

Also, strong scenarios in artificial intelligence (AI), layer 1 blockchain, and gaming are driving the growth of large tokens, with the prices of Solana (SOL) and Avalanche (AVAX) more than doubling in the past two months.

Meanwhile, some market watchers say Bitcoin’s growth may slow in December.

“December is a relatively neutral month of the year in terms of seasonality, with half of the past 12 years The average rate of increase is 30.8% and the average rate of decline is 12.8%.”

｜Translation: CoinDesk JAPAN
｜Edited by: Toshihiko Inoue
｜Image: CoinDesk
｜Original text: Bitcoin Rises to $38.8K for the First Time Since May 2022