Bitcoin Breaks the $48k Barrier, Ethereum Hits $2,500 Amidst Rising Crypto Market Fever
Bitcoin Continues its Rally, Hits $47,725 Amid ETF Buzz
In a thrilling display of market momentum, Bitcoin (BTC) has once again captured headlines by extending its winning streak into Friday, surging to an impressive $47,725. This rally, marking a significant resistance level last encountered on January 11, aligns with the debut of multiple Bitcoin spot exchange-traded funds (ETFs), showcasing the cryptocurrency’s enduring allure and market confidence.
At present, Bitcoin’s valuation stands at $47,530, reflecting a robust 5.65% increase over the last 24 hours. This bullish trend underscores the market’s ambition to breach the two-year zenith of $49,150, a milestone achieved amidst the fervor of the ETF launches.
Market analysts, particularly those from Fineqia International, have shed light on the cryptocurrency landscape, revealing a notable 5% growth in total crypto Assets Under Management (AUM) in January. This increase, from $49.5 billion to $52.0 billion, contrasts with a slight 2.7% dip in the overall crypto market value, highlighting the significant capital inflow into crypto ETPs attributed to the approval and commencement of BTC Spot ETF trading in the U.S. on January 11.
The introduction of nine innovative products in January alone has attracted approximately $6.9 billion in inflows, effectively balancing the net outflows from the Grayscale ETF and culminating in a net inflow exceeding $1 billion for the month.
Bundeep Singh Rangar, CEO of Fineqia, optimistically notes, “The light has turned green, and the (investor) traffic has started moving, with more drivers joining the ETF highway as confidence in digital assets grows.”
Ethereum’s (ETH) recent performance also garners attention, with a 3.9% price increase to $2,365 in January, from $2,277 at the end of the previous year. The anticipation surrounding the potential launch of spot Ether ETFs and the Securities and Exchange Commission’s (SEC) decision in March further fuels Ethereum’s growth.
Ethereum briefly ascended to $2,525 in trading on Friday before settling at $2,490, marking a 2.5% increase on the 24-hour chart.
Future projections are equally promising, with a Finder report predicting Bitcoin could peak at $88,000 in 2024. The report suggests a bullish outlook, with the majority of cryptocurrency and fintech specialists anticipating a bull run triggered by the upcoming halving event. Ethereum is not far behind, with predictions suggesting it could reach or even surpass $5,300 throughout the year.
As cryptocurrencies continue to gain momentum in 2023, Bitcoin is poised to remain at the center of attention for crypto traders throughout 2024, with Ethereum expected to capture increased focus towards the year’s end. This sentiment is echoed by a strong consensus among industry experts, advocating for buying Ethereum as the digital currency landscape evolves.
