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Crypto market overview: Bitcoin started 2024 on a strong note as it surpassed the $45,000 mark for the first time since April 2022. Ethereum, Solana, Cardano, and other altcoins have also recorded substantial surges in the last 24 hours with the overall crypto market capitalisation moving 5.77 per cent up to touch the $1.74 trillion mark.
The Crypto and Fear Index also seen a major uptick, moving all the way from 65 points to 71 points in the last 24 hours.
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Talking with Republic Business about the positive crypto market movement, CoinDCX Research Team said, “As the excitement around the BTC spot ETF grows and the halving approaches, BTC kicked off the new year in 2024 by reaching a fresh high of $45,000, marking the first time since 2022. From a technical perspective, BTC successfully surpassed a significant resistance at $44,500, now aiming for new resistance levels at $45,800 and $48,000. The previous resistance at $44,500 could act as a support, confirming the bullish trend through a retest.”
“While ETH has been relatively slow in recent days, it continues to establish new higher highs. The real momentum for ETH is expected to pick up once BTC stabilises. Technically, ETH needs to clear the resistance level at $2,450 to initiate a strong upward movement,” CoinDCX added.
Underlining the increasing investments in the crypto space, Shivam Thakral, CEO, BuyUcoin said, “The overall crypto market capitalisation jumped to the $1.75 trillion mark with Bitcoin and Ethereum leading the effort. The growing optimism around the ETF approval by the SEC is driving the current market rally as there are some reports from Reuters that approval may come this week.”
The latest surge is a broader crypto market rally with most of the altcoins witnessing a healthy surge in their prices, Thakral said.
Sudeep Saxena, Co-Founder, Coin Gabbar also confirmed the reasons behind this strong Bitcoin performance, attributing building ETF anticipation as the main driver of the surge. Saxena said, “Persistent expectations regarding the US Securities and Exchange Commission (SEC) greenlighting several spot bitcoin ETFs remain a driving force behind this upward trend. There is speculation that the regulatory agency could commence notifying ETF sponsors of approvals as early as Tuesday.”
Edul Patel, CEO of Mudrex, believes that the crypto market is riding on the anticipation of imminent approval for Bitcoin spot ETFs. Patel said, “With three consecutive days of gains, BTC has witnessed a remarkable 6 per cent surge in the past 24 hours. If the current bullish momentum persists, BTC could potentially ascend to $46,300 and subsequently $47,600; however, failing this, support is anticipated at the $43,700 level.”
“The global crypto market cap has also experienced a 4 per cent uptick over the last day, underscored by substantial gains across various cryptocurrencies,” Patel said.
Vikram Subburaj, CEO, Giottus said, “Bitcoin is now consolidating between the $44,950 – $45,200 range, as anticipation builds for a spot ETF approval. Reuters reported this weekend that the SEC may notify an approval as early as tomorrow. The altcoin market is experiencing a stronger uptrend with Ethereum (ETH) gaining 4 per cent, while Solana (SOL) and Avalanche (AVAX) surged by 8 per cent.”
Subburaj also shared short-term targets for key altcoins with the following to have mentioned uptrends Ethereum ($2,425), BNB ($330), Solana ($118), AVAX ($45), and Polygon ($1.10) while their support remains at Ethereum ($2,350), BNB ($290), Solana ($105), AVAX ($38), and Polygon ($0.9).
