Bitcoin remains stable while altcoins must wait for further developments.
Bitcoin remains strong, holding steady at $43,000, with a slight increase in the past 24 hours. The collective value of all digital currencies is currently at $1.69 trillion, but there is a question looming – is it time for alternative coins to take the spotlight? Bitcoin can be likened to the captain of the ship, especially in relation to its 50-day moving average.
In the past month, the total market capitalization of all cryptocurrencies has grown by 5.6%. Despite whispers of an approaching altcoin season, experts predict that Bitcoin will continue to lead the way in 2024. This projection is based on expectations of the halving event and a surge in capital through ETFs.
CoinShares, a prominent crypto investment firm, has noted a significant trend – a $1.185 billion increase in crypto fund investments over the past week. This marks 15 out of the last 16 weeks with positive inflows. Notably, Bitcoin, Ethereum, XRP, and Cardano have all experienced boosts in investments. However, this influx falls short of the record-breaking inflows seen during the launch of the futures-based Bitcoin ETF in 2021.
While the inflow of funds into crypto has been strong, it does not surpass the record set during the launch of the futures-based Bitcoin ETF in October 2021 ($1.5 billion).
Looking beyond the numbers, Anthony Scaramucci, the visionary founder of SkyBridge Capital, anticipates significant changes in the crypto world in the next six to eight days. It’s like waiting for a surprise!
Reflecting on 2023, Binance, a leading cryptocurrency exchange, labels it as a “favorable” year for cryptocurrencies. The overall market capitalization experienced a remarkable 109% surge, signaling a positive reversal for the crypto industry and potential shifts in sentiment.
On the other hand, GameStop, a video game retailer, has stopped using a type of digital currency known as NFTs due to uncertainties surrounding the regulations. It highlights the ever-changing nature of the digital currency world and the fact that not everything endures forever.