Ether also saw a 2.6% increase to £2,414 on 2 January, following a 91% surge throughout 2023. Virtual cryptocurrency concept. Shutterstock/ tungtaechit

Bitcoin has experienced a notable upswing to conclude the week, with its value surpassing £48,000 at one point, marking a significant milestone since the initiation of spot bitcoin exchange-traded funds.

According to Coin Metrics, the flagship cryptocurrency concluded the week with a 4.6% gain, reaching £47,587.37, while Ether also witnessed a 2.69% increase, reaching £2,492.97.

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Earlier in the week, Bitcoin reached as high as £48,207.78, marking its first ascent beyond this level since January 11. This volatile surge followed the launch of spot bitcoin ETFs, briefly touching £49,058.48. Notably, Bitcoin has not achieved the £48,000 level since March 2022.

In August 2023, Bitcoin logged its biggest one-day drop since November 2022. The cryptocurrency fell 7.2% on the 17th August before hitting a two-month low on the 18th August.

Concerns about substantial outflows from the Grayscale Bitcoin ETF and the anticipation of a deeper price correction had suppressed Bitcoin’s trading volume and sentiment over the past fortnight.

Despite these worries, the leading cryptocurrency concluded the week with a remarkable 10.76% gain, marking its most substantial weekly growth since December 8. Ether also recorded an 8.46% increase, making this week its most successful since January 12.

On Friday, cryptocurrency exchange Coinbase witnessed a 7% rise, while the bitcoin proxy MicroStrategy gained nearly 10%. Major miners, Riot Platforms and Marathon Digital, also experienced increases of 11% and 10%, respectively.

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While the cryptocurrency has faced challenges in maintaining its pre-ETF highs, it has managed to stay above £39,000 over the past month, avoiding the anticipated fall to as low as £36,000.

This optimism contrasts with the gloom that enveloped crypto markets in 2022, following the collapse of FTX and other crypto-related businesses.

As 2024 unfolds, the outlook remains optimistic for crypto markets, with Bitcoin historically performing well during US election years.