As the enthusiasm surrounding cryptocurrencies continues to intensify, Bitcoin (BTCUSD) has surged past $42,000 over the past weekend, marking a 150% increase in value this year-to-date and becoming the best investable asset across all markets. As a result, Bitcoin has overtaken Tesla and Berkshire Hathaway in market capitalization.

Over the past 24 hours, Bitcoin (BTC) capitalization has grown by more than 11% to over $816.2 billion. Tesla's capitalization currently stands at about $748 billion. Bitcoin last traded above $40,000 in the spring of last year.

Investors are becoming more certain that the Federal Reserve will halt any further interest rate hikes if inflation stabilizes, redirecting their attention towards potential cuts in the benchmark borrowing costs for the upcoming year. This altered landscape has propelled markets worldwide into a rally and reignited the speculative interest in digital assets. Bitcoin's upward momentum remains intact, buoyed by expectations of SEC approval for an ETF, an anticipated halving in April 2024, and the possibility of sequential Fed rate reductions in 2024.