Today’s Cryptocurrency analysis on behalf of Rania Gule Market Analyst at XS.com
In the contrasting world of cryptocurrencies, optimism is growing for a continued upward trend after the price of Bitcoin reached $37,365 at the start of Friday’s trading, driven by numerous indicators and developments in the markets. One notable aspect, in my view, is the anticipated rise during Bitcoin’s halving event in early 2024, coinciding with investors’ hopes for the potential approval of a Bitcoin Spot ETF.
I believe that the approval of an immediate Bitcoin ETF holds significant importance for the cryptocurrency market, especially with the increased likelihood of approval in light of recent news. This is expected to fuel expectations of maintaining the current upward trajectory in the coming weeks. Confirming the importance of this stage in the market cycle, any current declines in Bitcoin prices are seen as opportune times for investors to capitalize and open buying positions.
Furthermore, delving into the emerging cryptocurrency market reveals clear signals that these digital assets are gearing up for the start of a major upward trend. They are currently within the first price wave of the market cycle, and I believe they have the potential to achieve returns that far exceed current market expectations.
I see what we are witnessing now as just the beginning of a long-term upward trend, signaling a promising future for the markets. With the digital asset market gaining new momentum, strategic investment decisions during this upward trend for cryptocurrencies become crucial. As alternative currencies prepare for a significant rise and the potential approval of the Bitcoin Exchange-Traded Fund (ETF), there is an opportunity for investors to maximize returns by adopting pending market orders.
Currently, the global market capitalization of cryptocurrencies has gained 1.84% over the past 24 hours, reaching $1.42 trillion. Additionally, the two largest cryptocurrencies by market capitalization, Bitcoin (BTC) and Ethereum (ETH) have also seen significant increases, contributing to overall market gains.
It’s worth noting that the price of Bitcoin has risen by 2.36% to reach $37,380.16 so far, while the price of Ethereum has increased by 2.13% to reach $2,062.84. Over the past thirty days, Bitcoin has experienced an increase of approximately 22%, with the latter rising by around 23%.
The factors mentioned above are expected to be a reason for the continuation of the upward cycle, paving the way for potential gains in the market. This raises the possibility of the crypto bubble returning to the spotlight, and if that happens, I believe it will be the last compounded upward wave for digital currencies before a collapse and possibly long-term disappearance.