Bitcoin ends 2024 with a 121% increase, altcoins rebound, and U.S. stock market slightly declines
● Bitcoin rebounded from $96,000, attempting to restore the bull market, but selling pressure continues to temporarily pull the price back below the $94,000 mark.
● The stock market closed lower on Tuesday as investors wrapped up another prosperous year, with the S&P 500 index rising over 20% for the second consecutive year, driven by enthusiasm for rate cuts, economic strength, and artificial intelligence.
● Enthusiasm for AI helped propel key indicators to a series of historical highs over the year. Popular AI chip maker Nvidia and iPhone giant Apple, a member of the Magnificent 7, rose 171% and 30% respectively, reaching new highs in 2024.
● Bitcoin's performance even outperformed the stock market, rising 119% for the year. Notably, the top cryptocurrency asset broke the $100,000 mark for the first time this year.
● In the fourth quarter, the Nasdaq and S&P indices rose 6.2% and 2.1% respectively, marking the fifth consecutive quarter of gains since 2021. The Dow Jones index only rose 0.5% during the same period in its fourth positive quarter this year.
● Bitcoin recorded a quite impressive recovery above $96,000 on the last day of 2024. However, this effort could not last long, as upward selling pressure pulled the price back below the $94,000 mark.
● The digital asset is currently hovering around $93,765, about $14,000 lower than the historical high set in mid-December.
● Trump prioritized cryptocurrency-friendly regulations and supported the idea of strategic Bitcoin reserves, boosting the digital asset. However, expectations that the Federal Reserve (Fed) would reduce the pace of rate cuts have already cooled the speculative frenzy.
● Nevertheless, the top asset ended 2024 very successfully when it first broke the $100,000 mark, growing by 121%.
● The altcoin market rebounded on the last day of 2024. However, the market recorded quite strong growth in 2024, rebounding to over 46%.
● Ethereum (ETH) has been hovering between $3,450 and $5 for the past 3,300 days. However, the market recorded quite strong growth in 2024, rebounding to over 46%.
