Over the weekend, Bitcoin prices held steady around $52,000, showing little movement compared to the weekdays. Trading volumes were relatively lower, which is typical for weekends. This pattern of low volatility on weekends has become more common since spot Bitcoin exchange-traded funds (ETFs) were introduced in the U.S. in January. These ETFs seem to have changed how Bitcoin is traded in the market.
While Bitcoin remained stable, other major cryptocurrencies like Ethereum (ETH) and Polygon’s MATIC saw gains of over 5% since Friday. Ethereum's rise might be attributed to expectations of a potential ETF offering for U.S. investors, which has been a hot topic lately and has positively impacted the Ethereum ecosystem.
The CoinDesk 20 Index (CD20), which tracks the performance of the largest and most liquid cryptocurrencies, increased by 2.68% over the past 24 hours.
Some market analysts are eyeing a short-term target of $55,000 for Bitcoin, with a long-term prediction of $70,000. Ed Hindi, Chief Investment Officer at Tyr Capital, believes Bitcoin will likely hit $55,000 in the coming weeks and could reach $70,000 by early 2024.
However, Hindi also noted that Ethereum might steal the spotlight in the coming months due to its potential for larger gains and investment opportunities. He mentioned the possibility of an Ether spot-ETF being introduced in the U.S. alongside growing global interest in decentralized finance (DeFi). Hindi suggested that Ethereum could realistically aim for $5,000 in 2024.
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