Bitcoin, Ethereum, and Solana All Hit New Highs Over the Holidays – Now, Here’s What to Expect in 2024…
TL;DR
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What you missed between now and Dec 22 of final yr.
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The 2023 P&L for 3 key cryptocurrencies.
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Some predictions on the place we’re headed.
Full Story
We’re again baaaaby!
Hope you all loved your respective breaks.
We spent our holidays looking for moments of peace and stillness in between our feverish (borderline obsessive) refreshing of CoinMarketCap’s dwelling web page – trigger, ICYMI:
Santa got here by for crypto holders this yr!
Which suggests there’s lots to speak about – and with that in thoughts…
As an alternative of our traditional 3 article format, immediately we’re serving up a speedy hearth abstract of all the value motion you’ve missed over the vacation break, 2023’s revenue/loss report, and what lies forward in 2024.
Beginning with value motion.
Right here’s what you missed between now and Dec 22 of final yr:
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Bitcoin went from $43.3k, peaked at $45.9k, and is at $45.3k on the time of this writing.
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Ethereum went from $2.24k, peaked at $2.44k, and is at $2.36k on the time of this writing.
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Solana went from $93.1, peaked at $125.1, and is at $110 on the time of this writing.
Which is neat and all – but it surely will get actually thrilling if you look again on the revenue/loss report of every coin/token, on a yearly time-frame…
This is the 2023 P&L for every of the above cryptocurrencies:
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Bitcoin pulled a 2.25x (going from a low of $19.6k, to a excessive of $44.1k)
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Ethereum 1.78x (going from a low of $1.37k, to a excessive of $2.44k)
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Solana pulled a *watch for it* 9.35x (going from a low of $13.37, to a excessive of $125.1)
Even Ethereum’s “sluggish” 78% progress in 2023 is spectacular, on condition that a lot of the monetary world was satisfied we had been going to see a worldwide recession in ’23.
Proper. In order that’s the place we’ve been. Now – the place’re we headed?
We’d outline the general market sentiment as “quick time period bullish, mid time period bearish, long run bullish.”
A “bearish sandwich,” if you’ll.
Right here’s how that’s being figured:
Within the quick time period…
A spot Bitcoin ETF is anticipated to be authorised within the US between now and Jan 10.
An ETF would permit BTC to be traded through the inventory market and entice all kinds of recent funding {dollars} (rising demand for Bitcoin, whereas reducing its provide).
Right here’s our patented ‘Low IQ Math’ on that:
ETF = most likely good for BTC’s value.
Within the medium time period…
Most analysts we observe are nonetheless anticipating a recession to hit sooner or later (even the optimistic ones). If/when that occurs, count on a broad crypto unload.
Our Low IQ Math on that? Recession = dangerous.
In the long run…
Bitcoin tends to guide the crypto market – if BTC goes up, the remainder of the market usually follows.
And this yr, there’s a spicy new ‘value go up’ cocktail being brewed for Bitcoin.
(One that would considerably enhance Bitcoin’s shortage and general demand).
The recipe goes like this:
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In April, the Bitcoin halving is due – which implies the quantity of recent BTC coming into the market every day might be minimize in half (reducing provide).
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Hopefully by that time there are a number of US-based spot BTC ETFs.
This may permit institutional asset managers, household workplaces, and retirement funds that solely put money into US based mostly equities (aka shares), to allocate a few of their portfolios to Bitcoin.
(Rising demand, whereas reducing provide).
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The Federal Reserve plans to decrease rates of interest over 2024, which implies everybody’s mortgage & credit score repayments will price much less every month – giving of us extra disposable earnings, a few of which ought to stream into Bitcoin.
(Once more, rising demand, whereas reducing provide).
Right here’s our Low IQ Math on that cocktail recipe:
Excellent news + dangerous information + excellent news = internet excellent news for BTC (and the remainder of the crypto market).
Alright, these are the highlights!
Tomorrow we’ll be again with our usually scheduled 3 article programming.
