Bitcoin crosses $41,000 mark for the first time post Terra-Luna collapse

Cryptocurrency Bitcoin crossed the $41,000 mark today in Asia for the first time after the collapse of Terra-Luna.

Another key token, Ether, also crossed the $2,200 mark today.

The movement of these tokens brought some positive sentiments to the cryptocurrency market, which has been reeling with multiple crises including the collapse of FTX as well as the stepping down of Changpeng Zhao (CZ) as the CEO of US-based Binance. Bitcoin's price dropped for the first time under $40,000 around April 2022.

Bitcoin's upward movement can be attributed to factors including the possibility of the US Federal Reserve approving a Bitcoin ETF, as per several media reports.

As per a report by Coindesk, traders are putting their money on the top side of Bitcoin, expecting it to touch as much as $45,000 by March next year.

"This surge represents a year-to-date peak for Bitcoin, showcasing an impressive 140% increase since the beginning of the year. More than just a numerical value on a chart, the surge in Bitcoin price reflects a broader shift in the sentiment around crypto," Rahul Pragidipati, CEO of Zebpay, said in a statement.

Bitcoin's latest rally also took the cryptocurrency market capitalisation to $1.34 trillion, reports suggest, making it the highest market cap markets have seen this year.