NewsBitcoin Holds Its Ground As Altcoin Needs to Wait For More
Mustafa Mulla16 Jan 20242 min read
Bitcoin is keeping strong at $43,000, going up just a bit in the last 24 hours. The big picture in the crypto world is that all digital money combined is worth $1.69 trillion. But there’s a puzzle – is it time for the altcoins to shine? Bitcoin is kind of like the captain around its 50-day moving average.
Bitcoin Holding Strong
While the last 30 days witnessed a 5.6% surge in the total capitalization of all cryptocurrencies, Bitcoin’s dominance persists. Amidst whispers of an impending altcoin season, market pundits foresee Bitcoin continuing to steer the ship in 2024, driven by halving expectations and a surge in capital through ETFs.
Meanwhile, CoinShares sheds light on a noteworthy trend – a $1.185 billion increase in crypto fund investments over the past week, marking 15 of the last 16 weeks with positive inflows. Bitcoin, Ethereum, XRP, and Cardano all experienced boosts, yet this influx falls short of the record set during the 2021 launch of the futures-based Bitcoin ETF.
While fund inflows were strong, the number did not surpass the record set when the futures-based Bitcoin ETF was launched in October 2021 ($1.5bn).
Crypto Stories Beyond the Numbers
In the broader context, Anthony Scaramucci, the visionary founder of SkyBridge Capital, thinks there might be some big changes in the extra Bitcoin we have in about six to eight days. It’s like waiting for a surprise in the crypto world!
Although reflecting on 2023, Binance labels it a “favorable” year for cryptocurrencies, spotlighting a remarkable 109% surge in the overall market capitalization. This surge is hailed as a “favorable reversal” for the crypto industry, signaling potential shifts in sentiment.
On the flip side GameStop, a company that sells video games, stopped using a special kind of digital money called NFTs because they weren’t sure about the rules. It’s like saying, “We need to figure things out before we can keep going.”
It shows that the digital money world is always changing, and not everything lasts forever.
