As we enter the first day of 2024, investors in the Bitcoin and altcoin markets can look back at 2023 as a year of recovery, especially in its final quarter. The increasing anticipation for a Bitcoin ETF from June 2023 played a significant role in the recent surges. With a potential SEC approval expected in January, hopes are high for the cryptocurrency market.
Bitcoin started the new year at $42,283 and is currently trading at $42,707. The future of Bitcoin seems closely tied to the SEC, with a possible approval for a Bitcoin ETF likely to drive prices higher. Ethereum, on the other hand, entered the new year at $2,254 and is now trading at $2,291. Ethereum’s next significant milestone will be the success of the 2024 roadmap announced by its founder, Vitalik Buterin, which could impact its price.
Looking at leading altcoins, a general stagnation in prices is observed. BNB has recently experienced a notable rise, currently trading at $311, with a 17% increase over the week. Solana, however, is experiencing a period of stagnation, trading at $103.
XRP is trading at $0.61, with analysts like Dark Defender setting a target of $36 for 2024. Cardano is also experiencing stagnation, with ADA’s price at $0.59, while analyst Lucid predicts a target price of $10 for ADA.
AVAX is currently trading at $38.97, having seen a 17% decline over the past week. Lastly, the cryptocurrency Dogecoin is trading at $0.089.
Overall, the cryptocurrency market is showing signs of optimism as it enters 2024, with investors closely watching regulatory developments and technological advancements within the sector.