Major cryptocurrencies were trading mixed on Monday evening, even as demand for Bitcoin exchange-traded funds (ETF) remained strong. Last week, these ETFs attracted $2.4 billion, out of the total $2.45 billion that poured into digital asset investment products.
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EST) |
| Bitcoin BTC/USD | -0.90% | $51,650 |
| Ethereum ETH/USD | +1.82% | $2,921 |
| Dogecoin DOGE/USD | +4.58% | $0.089 |
What Happened: However, Bitcoin prices fell from $52,000 to hovering around the $51,000 mark amidst decreased trading volumes compared to the weekdays. Now, attention may shift towards Ethereum, the second-largest cryptocurrency, as broker Bernstein emphasized in a research report.
Ethereum is “probably the only other digital asset likely to get a spot ETF approval by the SEC,” the report said. Bernstein has suggested that the likelihood of ETH spot ETF approval by May stands at approximately 50%, with a near-certain probability of approval within the next 12 months.
Top Gainer (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Arweave AR/USD | +25.74% | $15.15 |
| Worldcoin WLD/USD | +18.44% | $7.27 |
| Fetch.Ai FET/USD | +18.42% | $1.01 |
The global cryptocurrency market cap now stands at $1.95 trillion, showing a 0.42% increase in the past 24 hours.
Futures linked to the S&P 500 declined by 0.1%, while Nasdaq 100 futures remained relatively unchanged. Dow Jones Industrial Average futures dropped by 54 points, or 0.1%. These movements came after a week of losses on Wall Street, prompted by economic data that sparked concerns about the Federal Reserve potentially delaying or minimizing interest rate cuts, contrary to market expectations for this year.
The trading week commences on Tuesday following the closure of U.S. markets on Monday for the President’s day holiday.
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Analyst Notes: Cryptocurrency analyst Michael Van de Poppe predicts Ethereum to reach $3,800-4,500 levels.
“The cynical sounds that Ethereum wouldn’t provide anything as it was only downtrending. This is still a massive period to be rotating from Bitcoin towards Ethereum. The upward momentum is continuing in Ethereum, not in Bitcoin.”
According to the pseudonymous analyst PlanB, Bitcoin’s current value equates to 26 ounces of gold, with one ounce valued at $2,000.
PlanB’s detailed prediction chart illustrates that by 2024, Bitcoin is expected to reach 35 gold ounces, amounting to $70,000 based on the current gold price. Furthermore, the analyst foresees the asset skyrocketing to 300 gold ounces in 2025, which would value Bitcoin at $600,000.
Santiment, an on-chain cryptocurrency analysis firm said, “Bitcoin, in particular, crossing over $10B in open interest for the first time since July, 2022, this does signal crowd euphoria is alive and well. Sometimes rising too quickly can be indicative of some caution flags. “
Photo by Matt Benzero on Shutterstock
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