Bitcoin (BTC) traded flat, hovering over $42,000 early Monday, while the CoinDesk 20 Index {{CD20}} is down 0.75% at 1,643, according to CoinDesk Indices data, as nations in East Asia count down the last working days before the Lunar New Year holiday.
Over the next few days, East Asia will celebrate the start of the year of the dragon, which is considered to be one of the luckiest and most prosperous animals in the Chinese Zodiac.
According to an analysis by CoinDesk Indices, the CoinDesk Market Index outperformed the S&P 500 fivefold, largely thanks to bitcoinâs outperformance.
While ether underperformed throughout 2023, according to market data, Daniel Wang, the co-founder and CEO of Taiko, a zero-knowledge roll-up platform, sees potential for etherâs price performance in 2024 in this âauspicious year full of positive energy.â
âThe Year of the Dragon opens new doors for Ethereum, especially with the anticipated impact of ETFs,â he said in an interview with CoinDesk. âEthereum is on track to achieve lower gas fees and faster transactions with the long-awaited Dencun upgrade.â
Lucy Hu, a Senior Analyst at Metalpha, adds that bitcoinâs halving and taming inflation looks promising for prices.
âDespite the crypto market currently experiencing a sell-the-news effect, the year of Dragon is on track to be one of the best performing as the inflation is now under control and the bitcoin halving event takes place later this year, which should boost the market confidence,â she wrote in a note. âWe hope the fiery spirit of Dragon can lead the market to a new height that is never seen before.â
Over on the traditional finance side, CLSA said in a recent report that they predict that equity markets in the city will roar back to life in the second half of the year.
Source: Coindesk
