Bitcoin has gained mainstream attention in 2023, with 15% of Australian investors owning cryptocurrency.

In December 2022, Bitcoin's price reached a 12-month high of $45,000, largely due to positive news like BlackRock's Bitcoin ETF application.

Bitcoin's market cap increased by over $40 billion in the past 24 hours, attributed to the Federal Reserve's hint at future interest rate cuts and the expectation of ample liquidity.

JPMorgan analysts predict Ethereum will outperform Bitcoin in market price by 2024, whereas Bitwise predicts Bitcoin will reach an all-time high price above $80,000 by 2024.

Despite the approval of spot Bitcoin ETFs not significantly affecting Bitcoin's price, it could divert capital from existing Bitcoin-based products, causing sell pressure.

Regulatory changes, technological advancements, and continued investor interest are expected to shape the future value of Bitcoin and the cryptocurrency market.