appears to be thawing, bouncing to the $43,000-$46,000 range, up 159% from last December as tracked by Dow Jones Market Data Group. The upward move could be the start of a new cycle.

"There seems to be a lot of retail investor sentiment that's been sidelined. There hasn't been the hype and excitement that you've seen kind of mid to late cycle of the last crypto rally. So that actually gives us confidence that we're still a little bit early innings, that there's a lot of capital that has a cushion," John Todaro, senior research analyst, Needham & Company, told FOX Business.

Several tailwinds are fueling the recent run. The Federal Reserve, which ends its final meeting of the year Wednesday, may start cutting rates in March 2024, according to forecasts tracked by the CME’s FedWatch Tool, which would be supportive of cryptos.