Top Three Cryptocurrency Price Predictions for 2024: Bitcoin, XRP, Ethereum

Leonardo Perez
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Top Three Cryptocurrency Price Predictions for 2024: Bitcoin, XRP, Ethereum

With just one week left in 2024, analysts anticipate a notably bullish start to the year.

With 2024 shaping up to be an explosive year for cryptocurrencies, leading analysts have assessed where major cryptocurrencies could be headed. Let’s take a look at the forecasts for Bitcoin, Ethereum and XRP.

Analysts Expect Significant Advances for BTC, XRP and ETH in 2024

For Bitcoin, prominent trader Criptocaballero890 believes it could reach $54,000 in the short term. The analyst uses the 4-hour chart, indicating that the price could be reached in the coming weeks.

Moving on to XRP, trader Chloe Le Pen believes that XRP will be notably bullish heading into 2024, opening at $1. Based on its current price of $0.62, this leaves room for gains of over 60% in the coming week. Furthermore, on the 4-hour chart, Aleta Satoshi predicts that Ethereum is poised for a strong breakout to the upside.

The analyst explains: “$ETH has been consolidating above its bearish channel ALL December, and it is time to take the next bullish step. Classic breakup, new test, continuation.” According to the analysis, ETH could reach more than $4,000 in the coming weeks.

From a longer-term perspective, billionaire venture capitalist Tim Draper believes Bitcoin will reach $250,000 in 2024. “I would say my $250,000 number will probably be there very soon,” but he even thinks it could “far surpass it..”

Trader Mags posted a popular XRP price prediction, predicting that it could reach highs of $7 in the next cycle. The analyst explained the four stages of a market cycle: a top breakout, first bounce, reaccumulation phase and parabolic phase. Mags believes that XRP is currently in stage three and could explode soon.

Moving on to Ethereum, renowned analyst Captain Faibik believes it could reach over $6,000 in the second quarter of 2024. “The $ETH bull run has already begun. “Expecting a new all-time high in the second quarter of 2024,” the analyst said.

Overall, analyst predictions for 2024 for major cryptocurrencies are around 10x or less. However, those looking for more impressive gains could consider smaller market cap projects that show strong bullish momentum. The most promising is Bitcoin Minetrix, a trending pre-sale that just surpassed $6.3 million.

Traders Back Bitcoin Minetrix at 100x After IEO

Bitcoin Minetrix is ​​a revolutionary Bitcoin mining token on the Ethereum network. The project allows users to mine Bitcoin in the cloud by staking $BTCMTX tokens.

There are no hardware requirements or technical experience, making it ideal for beginners. Another benefit is that the decentralized and transparent $BTCMTX token eradicates the common risk of cloud mining scams, as no cash changes hands on the platform.

Furthermore, the central role of $BTCMTX means there could be a strong flow of demand that would help prop up its price and provide long-term potential. Its unique use case, strong tokenomics, and timely launch amid improving market conditions have compelled leading analysts to endorse Bitcoin Minetrix.

While predictions vary, one of the most common narratives is that $BTCMTX will rise 100x after its IEO. YouTuber Jacob Bury backed up this prediction in a YouTube video, as did No Bs Crypto.

One of the reasons analysts are so optimistic is that Bitcoin Minetrix is ​​still in pre-sale, meaning those who buy now are among the first investors, generating outsized returns. However, the pre-sale price of $BTCMTX will rise in four days, so potential buyers should hurry to secure the biggest upside potential.

By Leonardo Perez

When Will the Bitcoin Bull Run Start? This Could Be the Metric to Consider

Audy Castañeda
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When Will the Bitcoin Bull Run Start? This Could Be the Metric to Consider

A pattern in the supply of long-term Bitcoin holders could provide some clues as to when the next bull run could begin in earnest.

According to market intelligence platform On the Block, the supply of BTC HODLers is “an excellent indicator for measuring market cycles.”

HODLers” or long-term holders (LTH) refer to Bitcoin investors who have held their coins for at least a year without selling or transferring them on the blockchain.

LTHs are the decisive hands in the market, rarely selling their coins even when a profitable opportunity has presented itself or a deep price drop has occurred.

One way to track the behavior of these diamond hands is through the combined amount of balance they carry in their wallets.

Bitcoin HODLer Balance Has Followed a Specific Pattern in Previous Cycles

The supply of Bitcoin held by HODLers has shown some growth in recent years, suggesting that LTHs have been accumulating. This rise in the indicator has also continued during the latest rally, implying that LTHs are not yet ready to start taking profits. Something to keep in mind is that when the metric goes up, it does not mean that they are buying in the present.

Naturally, the indicator has a 1-year lag associated with it, as the coins must mature during that time before they can be included in the cohort. However, this only applies to purchasing, as holders who move their coins to sell instantly reset the age to zero and therefore remove them from the pool.

The analytics firm has highlighted a pattern that Bitcoin LTH supply has observed during the lead-up to past bull runs. It would appear that HODLers have shown accumulation in those periods. On the other hand, the beginning of sales of this cohort coincided with the beginning of the bullish rally itself.

So far, HODLers have only been accumulating recently, implying that the market may be in the pre-bull run phase. If the historical pattern holds for the current cycle as well, then HODLer bidding could be something to watch as a significant downtrend could become a sign that the bull run has begun once again.

BTC Price

Bitcoin had plummeted towards the $41,700 mark yesterday, but the asset has already seen a strong recovery as its price is now trading around the $43,000 level.

As positive sentiment waned over the past two weeks, BTC price has been trading within a tight range, facing strong resistance at $42,500. BTC, which was trading above $44,000 on December 10, has since recorded a 5% price drop, according to data from CoinMarketCap.

Trading firm QCP Capital, on the other hand, predicts that Bitcoin could retreat to around $36,000 before an uptrend resumes. At the same time, they expect Bitcoin to face overhead resistance between the $45,000 and $48,500 region. These projections are based on what they expect to happen if the Securities and Exchange Commission (SEC) approves Bitcoin spot ETFs in January.

QCP Capital does not expect Bitcoin to remain low for long as they are confident that Bitcoin’s recent resurgence will continue at some point. They estimate that this will probably happen after a few weeks, especially as traders prepare for a strong rally before the Bitcoin Halving, an event projected as the driver of the next bull run.

By Audy Castaneda

How Will $70 Million in Crypto Lobby Support Approval of a Bitcoin Spot ETF?

Leonardo Perez
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How Will $70 Million in Crypto Lobby Support Approval of a Bitcoin Spot ETF?

A16z, Coinbase and Circle have invested nearly $80 million to lobby pro-crypto political leaders ahead of the 2024 elections. The influx of cash comes as sentiments toward cryptocurrencies appear to sour, in part due to the efforts of Senator Elizabeth Warren. Political allies could boost confidence for crypto retailers, even as big investors anticipate the approval of a Bitcoin ETF in early January.

Crypto investors are eagerly awaiting the approval of a spot Bitcoin exchange-traded fund (ETF). However, a recent wave of cryptocurrency lobbies is raising hopes for the long-term survival of this asset.

Cryptocurrency exchange Coinbase, stablecoin issuer Circle, and Silicon Valley venture capital firm a16z are donating nearly $80 million to influence U.S. crypto policy ahead of the 2024 elections. The three have funneled the money into a super crypto political action committee, Fairshake, to combat sour attitudes toward digital assets on Capitol Hill.

Bitcoin Spot ETF: Crypto Lobby Needs New Political Allies

The cryptocurrency companies are joined by crypto investors Ron Conway and Fred Wilson and Gemini co-founders Cameron and Tyler Winklevoss. Fairshake accepts unlimited donations to support the “pro-crypto leadership” election.

The notable influx of funds comes after Binance’s alleged involvement in terrorist financing and the conviction of former FTX CEO Sam Bankman-Fried have placed crypto in a politically precarious position.

Senator Elizabeth Warren said in an interview earlier this year: “Digital assets are creating a national security risk.”

One of crypto’s most notable allies, Senator Patrick McHenry, has stated his intention not to run again in the 2024 election. McHenry has been instrumental in advancing stablecoin legislation that was blocked by Democrats in the House Financial Services Committee, hence the need for new funding to gain new political support:

“I see the increased lobbying effort more as an attempt to influence this election and ensure that pro-crypto candidates, from both sides of the aisle, are elected rather than a response to recent enforcement actions and court cases,” said Orlando Cosme, an attorney at OC Advisory.

How the Bitcoin Spot ETF Will Help Crypto Lobby Efforts

New political ties are developing in parallel with market excitement around Bitcoin ETF approvals. The US Securities and Exchange Commission is expected to rule on several applications as early as January 10, 2024. If authorized, they could open the floodgates to institutional investments in Bitcoin.

Increased pressure could improve the legal status of retail trading. Clarity in licensing for crypto exchange activities, such as order matching, brokerage and clearing services, could eliminate conflicts of interest and encourage trading of the kind that European exchanges expect next year.

Laws clarifying which assets are securities could lead to disclosures that retail traders might be comfortable with. An increase in tokenization will stimulate demand for on-chain settlements using digital assets. The entry of big players like JPMorgan, Morgan Stanley and others could put pressure on Congress to move forward. Especially smaller crypto-related bills that could make the traditional financial system faster.

January 10, Key Date for the Bitcoin Spot ETF

January 10, 2024 is a key date on which the SEC’s decision regarding the Bitcoin Spot ETF could be known, since the regulator has until that day to disclose a final decision on the fund application submitted by Ark Invest.

Expert assessments suggest that the SEC is unlikely to reject all applications for the Bitcoin spot ETF that are on the table and that the possible approval of one or more of these applications is getting closer.

By Leonardo Perez

Changes to the Grayscale Investments Board of Directors: Barry Silbert and Mark Murphy Resign, And Other News

Audy Castañeda
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Changes to the Grayscale Investments Board of Directors: Barry Silbert and Mark Murphy Resign, And Other News

Grayscale Investments reveals the resignation of Barry Silbert, founder and CEO of Digital Currency Group (DCG), Grayscale’s parent company.

In an official statement issued on December 26, Grayscale Investments, the leading cryptocurrency investment firm and operator of the Grayscale Bitcoin Trust, announced significant changes to its board of directors.

Barry Silbert, founder and CEO of Digital Currency Group (DCG), Grayscale’s parent company, will resign from Grayscale’s board of directors. This decision was formalized in the 8-K document filed with the United States Securities and Exchange Commission.

Accompanying Silbert’s resignation, Mark Murphy, current president of DCG, has also announced his resignation from the board of Grayscale Investments. Both resignations will be effective January 1, 2024.

To fill these gaps in the board, the addition of new members has been announced as of the aforementioned date. Mark Shifke, Matthew Kummell and Edward McGee will be the appointed replacements, bringing their skills and experiences to the strategic direction of Grayscale Investments.

Financial Challenges for Crypto Companies in 2023: 70% Drop in Financing

2023 has left its mark on the cryptocurrency sector, with a drastic change in the funding that companies in this space have managed to raise. Despite an impressive market rally, with Bitcoin leading a 150% rally, the numbers paint a less optimistic picture.

Recent data reveals that cryptocurrency companies raised around $6.25 billion in funding over the past year. This figure marks a significant decrease compared to the collection of approximately $22 billion in 2022.

The crypto market faced significant challenges in 2023, with the collapse of large companies such as Terraform Labs and FTX, leaving a palpable mark on investor confidence. This negative impact resulted in a decline in venture capitalist interest in the crypto sector throughout the year.

Scammers Use Google Ads to Steal Cryptocurrencies Worth USD 3 Million in 24 Hours

The wave of scams in the cryptocurrency world has reached alarming proportions, with scammers managing to steal approximately $3 million in just 24 hours. Cleverly using Google Ads as their tool of choice, criminals continue to advertise malicious fake websites, employing software designed to drain digital wallets.

Scam Sniffer, an entity specialized in fraud detection, revealed that attackers used ads on Google to trick cryptocurrency users into accessing fake versions of Web3 websites. Among the affected platforms are Zapper, Lido, Stargate, DefiLlama, Orbiter Finance and Radient. On December 25,

Scam Sniffer updated its database with new incidents of phishing sites associated with the same addresses of the attackers, “another victim lost $653K worth of WBTC, USDC, and WETH to phishing scams about 12 minutes ago,” as informed on December 25.

Tether Issues 1 billion USDT in Inventory Replenishment

Tether, the operator of the world’s leading stablecoin, Tether USDT, has announced the issuance of an additional 1 billion USDT, marked as “authorized but not issued.” According to statements by CEO Paolo Ardoino.

Blockchain transaction tracker Whale Alert used its platform on X on December 25 to alert users about the issuance of one billion USDT by Tether Treasury.

“PSA: 1B USDt inventory replenish on Ethereum Network. Note this is an authorized but not issued transaction, meaning that this amount will be used as inventory for next period issuance requests and chain swaps,” reads the post.

In response to the notification, Paolo Ardoino posted a public service announcement in the Whale Alert thread on X, explaining that the transaction represents an “inventory replenish” on the Ethereum blockchain.

By Audy Castaneda

Mt. Gox Payout Rumors Send Bitcoin Price to $42,000, Market in Crisis

Leonardo Perez
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Mt. Gox Payout Rumors Send Bitcoin Price to $42,000, Market in Crisis

Crypto exchange Mt. Gox appears to be starting to pay out customers who lost 850,000 bitcoins (BTC), now valued at around $36 billion, on Tuesday.

Mt. Gox, the infamous Bitcoin exchange that suffered a major hack more than a decade ago, has reportedly finally begun the process of refunding its customers for the lost 850,000 Bitcoin. This news has shocked the market, causing a momentary interruption in the upward trend in the price of Bitcoin.

As a result of these developments, the current price of Bitcoin stands at $42,625, with a 24-hour trading volume of $22,655,498,534.64. However, the market has witnessed a drop of -2.40% in the last 24 hours, reflecting the uncertainty caused by the Mt. Gox payment process.

Bitcoin Price Plunges Amid Growing Speculation

Reports from participants in the mtgoxinsolvency subreddit group indicate that some people have already received payments in yen through PayPal. However, those who opted for cash deposits into their bank accounts have not reported any inflows so far.

“I just got paid,” said Reddit user Free-end254, attaching a screenshot of the email containing the PayPal payment receipt.

“I just received money!” wrote another Reddit user, adding that he initially believed the email was some kind of phishing scam, before claiming that a real payment had arrived in his PayPal account.

Another user noted that he had only been refunded a portion of his claim of 0.125 bitcoin, receiving a total of 30,283 yen – valued at USD 200 at the current exchange rate – and that he was still missing an approximate payment of USD 748.

Several users have shared notifications they received, alerting them to a system error that resulted in double payments. These users are now supposedly being asked to return any excess funds to the Rehabilitation Trustee as soon as possible.

Furthermore, the Rehabilitation Trustee has contacted the affected individuals to refund the amount transferred in error, which was the second transfer, since the first transfer was the official refund.

Users have been instructed to use PayPal’s “Refund” feature to return funds to the Rehabilitation Trustee account. Alternatively, they can transfer an equivalent amount of money to the Rehabilitation Trustee’s PayPal account if the “Refund” feature is not available.

While some users have confirmed receiving their refunds, there is uncertainty about the timing of Bitcoin refunds or whether they are taking effect.

No Bitcoin Outflows Detected from Mt. Gox?

In a recent statement from CryptoQuant co-founder and CEO Ki Young Ju, it was confirmed that “there have been no Bitcoin outflows from the Mt. Gox Trustee wallet at this time.”

Furthermore, the administrator responsible for managing the rehabilitation procedures of Mt. Gox, the now-defunct Bitcoin exchange, has yet to provide any official statement explaining the lack of money outflows from the wallet.

Consequently, the cryptocurrency community is on edge and eagerly awaiting updates on the timing and method of Bitcoin refunds. Once again, the cryptocurrency community has been hit by another episode of misinformation surrounding the Mt. Gox exchange’s long-awaited payout to its clients.

The spread of this news has had a notable impact on market sentiment and caused volatility in the price of Bitcoin. The future timeline and potential effects of the exchange repayment, expected in 2024, remain uncertain.

By Leonardo Perez

The Role of Institutional Investors in the Crypto World in 2024

Audy Castañeda
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0
The Role of Institutional Investors in the Crypto World in 2024

The US launch of derivative products such as Bitcoin spot ETFs could finally allow institutions to invest directly in a derivative representing 100% BTC.

Institutional investors were one of the drivers of crypto markets during the last big bull run, and they could be even more so in 2024.

Institutional investors are understood to be all large professional investors who do not belong to the category of retail investors. Specifically, retail investors are private citizens who invest on their own behalf, while institutional investors are companies or organizations that generally invest on behalf of others.

Among the largest institutional investors are pension funds, banks, mutual funds, hedge funds and insurance companies.

From this definition it also follows that institutional investors are investors who invest large amounts of capital, while in most cases retail investors invest small amounts.

The Last Bull Run

The first derivative products that allowed positions to be taken on the price of cryptocurrencies on traditional stock exchanges were the futures launched in December 2017 on CME and Cboe.

However, these derivatives failed to attract large capital. At that time, i.e. in 2018 and 2019, institutional investors were still not very familiar with the cryptocurrency markets and, despite having derivative products available on the exchanges where they were already widely traded (in particular, the CME of Chicago), were not very attracted to these new digital assets.

The turning point occurred in 2020, both because the response of Bitcoin and cryptocurrencies to the collapse of the financial markets in March was excellent, and because the third BTC halving occurred in May. However, the presence of institutional investors in crypto markets, or in the crypto derivatives market, was not massive in 2020.

This was only a first entry which probably allowed the start of a new great bullish streak at the end of the year, after those of 2013 and 2017. The 2021 bull run, though, was characterized by relatively smaller increases in the price of Bitcoin and much larger increases in the percentage of memecoins and smaller altcoins.

Since institutional investors are not interested in smaller assets with limited trading volumes, the success of memecoins and shitcoins in 2021 was largely due solely to retail investors.

2024: The Year of Institutional Investors in the Crypto World?

The US launch of derivative products such as Bitcoin Spot ETFs could finally allow institutions to invest directly in a derivative representing 100% BTC.

The Bitcoin ETFs already present in the US market are not investment instruments. Instead, the new ETFs launching in January will be collateralized in BTC and will perfectly represent Bitcoin on traditional exchanges.

Bitcoin’s landing on the Nasdaq, albeit through a derivative, should allow institutional investors to invest in BTC almost like buying tokens directly in the crypto spot markets, but without the issues related to custody and on the platforms that they already use.

Predicted Impact of Institutional Investors on the Crypto Market in 2024

According to several crypto analysts, institutional investors in 2024 will end up becoming more and more actively interested in the cryptocurrency market. As revealed by Deribit’s commercial director, Luuk Strijers, data from its platform for the exchange of crypto derivatives would show an increase in the activity of institutional investors starting in October.

The revival of crypto markets this year, combined with growing optimism over the approval of ETFs, has also attracted the interest of institutional investors, who are already preparing for greater participation in this market in 2024.

By Audy Castaneda

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