The cryptocurrency market starts strong in 2024 with Bitcoin ETF optimism
The cryptocurrency market is off to a strong start in 2024, buoyed by the optimism around Bitcoin exchange-traded funds. The top 3 cryptocurrencies by market cap were trading in the green on Saturday morning, with Bitcoin hovering near $44,000 levels.
Spot Bitcoin ETFs could be approved soon, prompting institutional investors to buy Bitcoin
After months of anticipation, spot Bitcoin ETFs are set to become a reality. All 11 ETF applicants filed their 19b-4 amendments with the US Securities and Exchange Commission (SEC), and it is expected that the SEC could green-light the Bitcoin ETFs as early as Jan 11. This has prompted US institutional investors to step up their buying into Bitcoin.
Bitcoin and Ethereum prices rise, while trading volumes decline
Bitcoin Price (BTC) went up nearly 1% over the last 24 hours to $43,945. Ethereum was also trading in the green on Saturday morning, up 0.2% over the last 24 hours. However, trading volumes for both cryptocurrencies have fallen.
Tether stays flat, while other digital assets experience losses
Tether (USDT), the third-largest cryptocurrency, remained flat at $1. However, other digital assets such as BNB, Solana (SOL), XRP, and Cardano (ADA) experienced losses ranging from 0.7% to 5%.
Meme coins Dogecoin and Shiba Inu also trade in the red
Dogecoin and Shiba Inu, popular meme coins, were also trading in the red, falling over 1% each. The global crypto market rose marginally by 0.07% over the last 24 hours to $1.66 trillion, with investors showing caution according to the fear and greed index level of 70.
Top 3 Cryptos For Today
Pepe Coin price drops over 3%
The price of Pepe Coin fell over 3.5% over the last 24 hours to $0.000001173, sending its market cap tumbling to $492.6 million. Its trading volume also decreased.
Aptos (APT) sheds over 12%
The Aptos blockchain’s native token APT tanked over 12% in the last 24 hours, with its market cap falling to $2.9 billion. Trading volumes for APT also plummeted.
Lido DAO (LDO) price rallies nearly 14%
The price of Lido DAO rallied almost 14% over the last 24 hours to $3.47. At press time, its market cap stood at $3.09 billion while trading volumes surged nearly 17%.
Hot Take: Bitcoin ETFs bring optimism but cautiousness prevails
The anticipation around Bitcoin exchange-traded funds has brought optimism to the cryptocurrency market, leading to a strong start in 2024. Institutional investors are increasing their buying into Bitcoin in anticipation of ETF approval. However, trading volumes have declined for Bitcoin and Ethereum, while other digital assets are experiencing losses. Meme coins like Dogecoin and Shiba Inu are also trading in the red. Meanwhile, Pepe Coin has seen a significant drop in price, while Aptos has experienced a sharp decline as well. Lido DAO stands out as it rallies in price.
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