Cryptocurrency

Analyzing the past 13 years, has encountered negative price movements only five times in the first month, while the remaining instances closed in the green. Notably, the last negative January was in 2022, witnessing a 16.9% month-on-month decline. In contrast, January 2023 emerged as one of Bitcoin’s most successful months, experiencing nearly 40% growth — second only to the early days of 2013.BTC monthly returns by If Bitcoin concludes January 2024 on a positive note, it will mark the fifth consecutive month of profitability, extending a streak that began in September of the preceding year. Among these, October stood out with a remarkable 28.5% increase, contributing to Bitcoin’s best quarter in terms of profitability in the past three years, finishing at an impressive 57.7%.Despite Bitcoin’s extensive 14-year history and almost a decade as an exchange-traded asset, the cryptocurrency market remains unpredictable. The history, while a strong indicator, is a reminder that certainty is elusive in the volatile world of cryptocurrencies.The question on everyone’s mind — will secure another profitable month in January 2024? Only time will tell, and we will revisit this query in a month’s time as all the crypto enthusiasts eagerly await the outcome.This article was originally published on U.Today More

According to a , the SEC “may” notify issuers as soon as Tuesday or Wednesday that they have been cleared to launch spot bitcoin ETFs the following week.Along these lines, , a crypto analyst, presents what he calls a “Bitcoin ETF base case scenario,” which he anticipates will happen around Jan. 8-10.In a positive scenario wherein a Bitcoin spot ETF gains approval, Kruger predicts the Bitcoin price’s immediate reaction to be an upside move, citing the rationale that this is currently 90% priced in.As a follow-up to this, Kruger predicts that the Bitcoin price might drop below the ETH pre-approval levels (if approved) into launch nearly two weeks later. He adds that this remains speculation given that there is no official date for the launch; it might be days after approval or much later, considering how many ETFs are in the race. However, Kruger believes that sooner rather than later makes more sense.In what might follow after the launch of a Bitcoin spot ETF, Kroger (NYSE:KR) predicts strong inflows or volume to reestablish the upward trend. On the other hand, if inflows are weak, prices may fall as front-runners dump into a few bids.In a bearish scenario where the Bitcoin spot ETF gets rejected by the SEC, Kruger predicts that prices might rapidly collapse. Either way, he urges traders to be on alert in January.Optimism about a spot BTC ETF began to grow after BlackRock (NYSE:BLK) filed, and since then, BTC has rallied from $28K to nearly $45K.According to Kaiko, despite a fairly dull middle of the year, Bitcoin has one of the strongest Sharpe Ratios of any major asset this year, second only to semiconductor behemoth Nvidia (NASDAQ:NVDA), whose shares more than doubled from January to May on AI hype.At the time of writing, BTC was up 1.2% in the last 24 hours to $42,620.This article was originally published on U.Today More

The main network layer of Ethereum has faced significant challenges in scaling to meet the demands of its growing user base and application field. High gas fees and network congestion have highlighted the limitations of the current infrastructure, making the need for efficient L2 solutions more pressing than ever. These L2 networks are designed to offload the burden from the mainnet, offering faster transactions and lower fees, making them an attractive alternative for developers.ETH/USD chart by This shift toward L2 networks does not just represent a stop-gap solution but is becoming integral to Ethereum’s future. It is reasonable to expect that the initial signs of a rally within the Ethereum ecosystem will emerge on these scalable platforms. They are set to be the breeding ground for innovation and the go-to space for new projects in DeFi, NFTs and beyond.The new road map, as outlined by Vitalik Buterin, underscores this transition. Key updates to the road map include the solidification of single slot finality (SSF) in post-Merge proof of stake (PoS) improvements, which aims to enhance the efficiency and security of the network. Buterin has also highlighted the importance of cross-rollup standards and interoperability as areas requiring long-term development. These would enable seamless communication and transaction execution across different L2 solutions, furthering the composability of the ecosystem.Further developments such as the redesign of The Scourge, the nearing readiness of Verkle trees for inclusion, and the shrinking of “state expiry” to reflect a broader consensus show a commitment to continuous improvement. Additions like deep cryptography, including obfuscation and delay-encrypted mempools, suggest a forward-looking approach to security and privacy within the network.This article was originally published on U.Today More

However, what is intriguing is that institutional fear of missing out (FOMO) has yet to kick in, as noted by prominent market observers. Greeks.live, a cryptocurrency analytics platform, (formerly Twitter) to share insights on Ethereum’s recent performance. According to their tweet, the surge in ETH has not only propelled it to breach the $2,400 barrier but has also resulted in all major term IVs soaring to yearly highs.Additionally, the daily volume (DVOL) spiked to 70%, reaching a level not seen since April. Analyzing options data, the tweet pointed out that the skew, a measure of the perceived distribution of potential price outcomes, has not followed the rally. This suggests that institutional traders are yet to fully embrace the FOMO associated with ETH’s .As of the latest available data, Ethereum is currently priced at $2,380, reflecting a notable 6.49% increase in the last 24 hours. Over the past 30 days, ETH has experienced an of 18.88%. The trading volume of Ethereum has also witnessed a substantial uptick, rising by 84.35% in the last 24 hours and currently standing at $17.9 billion.Despite the impressive gains, the subdued response from institutional traders has left the market speculating about the potential catalysts that could trigger their entry into the FOMO-driven rally. Whether this is a brief pause before a larger institutional influx or a sign of cautious optimism remains to be seen. The cryptocurrency market, known for its unpredictability, continues to be a source of both excitement and speculation as the year draws to a close.This article was originally published on U.Today More

The “Hodler Ratio” chart indicates that the percentage of Ethereum holders committed to holding their assets for the long term has seen a steady increase, now surpassing that of Bitcoin. This metric is crucial as it demonstrates the trust that investors place in the network’s future.Ethereum’s ability to surpass in the percentage of long-term holders can be attributed to several factors. The continuous development of the Ethereum network, including the new road map and the growing ecosystem on Layer 2 networks, boosted investor confidence. Furthermore, the majority of investors believe that Ethereum is still lagging behind and has not yet shown its true market potential.However, a high percentage of long-term holders can present a double-edged sword for a network’s performance. While it indicates trust and a long-term vision, it can also lead to reduced liquidity and potentially hinder short-term price performance. In the accumulation phase, this is typically seen as positive; it suggests that investors are accumulating and holding, which could drive up prices in the future due to reduced supply.Despite this positive sentiment among holders, price performance is still trailing behind some of its peers. This may be due to a variety of factors, including market cycles and the broader economic environment affecting risk assets.Yet, the traction on Ethereum’s Layer 2 networks provides a silver lining. The increase in activity and the scaling solutions offered by these networks are enhancing Ethereum’s usability and could serve as catalysts for future growth. The rise of Layer 2 solutions is key to Ethereum’s ability to handle increased transaction throughput, reduce fees and improve the overall user experience.This article was originally published on U.Today More

This article was originally published on U.Today More

However, what is intriguing is that institutional fear of missing out (FOMO) has yet to kick in, as noted by prominent market observers. Greeks.live, a cryptocurrency analytics platform, (formerly Twitter) to share insights on Ethereum’s recent performance. According to their tweet, the surge in ETH has not only propelled it to breach the $2,400 barrier but has also resulted in all major term IVs soaring to yearly highs.Additionally, the daily volume (DVOL) spiked to 70%, reaching a level not seen since April. Analyzing options data, the tweet pointed out that the skew, a measure of the perceived distribution of potential price outcomes, has not followed the rally. This suggests that institutional traders are yet to fully embrace the FOMO associated with ETH’s .As of the latest available data, Ethereum is currently priced at $2,380, reflecting a notable 6.49% increase in the last 24 hours. Over the past 30 days, ETH has experienced an of 18.88%. The trading volume of Ethereum has also witnessed a substantial uptick, rising by 84.35% in the last 24 hours and currently standing at $17.9 billion.Despite the impressive gains, the subdued response from institutional traders has left the market speculating about the potential catalysts that could trigger their entry into the FOMO-driven rally. Whether this is a brief pause before a larger institutional influx or a sign of cautious optimism remains to be seen. The cryptocurrency market, known for its unpredictability, continues to be a source of both excitement and speculation as the year draws to a close.This article was originally published on U.Today More

This article was originally published on U.Today More