The year 2024 has been and is shaping up to be a promising and dynamic year for the cryptocurrency market. Recent articles in the cryptocurrency field have highlighted several notable trends, particularly the gradual assertion of Bitcoin and altcoins in the market.
MicroStrategy (MSTR) recently made history by becoming the first Bitcoin-focused company to be included in the Nasdaq-100 Index. This event is a significant milestone for MicroStrategy and also contributed to pushing Bitcoin's price above the $102,000 mark. With a market capitalization of about $92 billion, MicroStrategy ranks 40th on the list of the largest companies in this index. This not only increases Bitcoin's visibility in the index but also attracts significant passive investments from major ETF funds like Invesco's QQQ Trust. However, there are concerns that MicroStrategy's classification may change next March, affecting their status in the index.
Bitcoin has significantly recovered from recent lows and is approaching its all-time high of $104,088. Predictions from VanEck suggest a new peak could be reached by early 2025, followed by a correction with a 30% decrease for Bitcoin and 60% for altcoins. The market is expected to recover in the fall, with a strong rebound of major tokens by the end of the year. Analyst Danny Marques forecasts that if macroeconomic conditions stabilize, Bitcoin could soar to between $173,646 and $461,135 by 2025.
Additionally, Ethereum (ETH) is also expected to reach new highs by early 2025. While Bitcoin has shown strong recovery, there are also signs that momentum may be weakening. If it surpasses the $104,088 threshold, Bitcoin could open up new strong growth phases; conversely, falling below key support levels could signal a downtrend.
The outlook for Ethereum remains optimistic with strong resistance around the $4,000 to $4,094 level, and a correction may continue without a breakout. Chainlink (LINK) is on a growth trajectory but needs to maintain support at $27.41 to avoid a sharp decline.
Aave (AAVE) has broken through the resistance at $300 and could see strong gains if it surpasses the $400 level, while support is observed at $330. Overall, market sentiment is somewhat cautious but positive towards major cryptocurrencies, indicating potential volatility in the near future.
