He Bitcoin registers this Tuesday, After Christmas, a decline in the cryptocurrency market, losing the key level of $43,000 and currently trading around $42,700, with a drop of approximately 2.1% in the last 24 hours.
This cooling situation in the crypto market is common during the week between Christmas and New Year. Global capitalization has decreased another 1%, reaching around US$1.65 trillion.
Despite these fluctuations, the market capitalization of BTC continues to exceed $838 billion. Furthermore, throughout the year, bitcoin has maintained an upward trend with an appreciation of 160%.
As for other cryptocurrencies, the price of Ethereum drops to US$2,268, while Solana stands at US$120.10. For its part, XRP remains around US$0.6364, Dogecoin at approximately US$0.09386 and Shiba around US$0.0000109.
Bitcoin: the data observed by the market
In the latest news, the United States Securities and Exchange Commission (SEC) has set December 29 as the deadline for the bitcoin ETF (exchange-traded fund). Applicants who do not meet this deadline will not be eligible for potential initial approvals in early January.
Bitcoin: how its price will continue
Recent research by Bitget, one of the leading cryptocurrency exchanges, points to notable upside potential for popular cryptocurrencies such as BTC and ORDI. This analysis projects a potential growth of more than 100 times its value in the future, based on macro and micro trends of the Bitcoin ecosystem and its assets planned for the year 2024.
The report highlights that, despite a significant increase in trading volume in the Bitcoin NFT market, its current scale remains relatively small, which could drive its revaluation. Forecasts indicate that the Bitcoin ecosystem presents promising prospects, with new opportunities for currencies with exponential growth potential.
Among the predictions of Bitget’s research are:
- BTC price could surpass $100,000 in the next bull market due to the expansion of the Bitcoin ecosystem and growing demand.
- ORDI will rank among the top 30 cryptocurrencies by market capitalization during the next bull market.
- Significant growth of the Bitcoin NFT market is expected, increasing more than 100 times in the future.
- Opportunities will arise for coins with 100x growth potential, such as Ordinals, Atomicals or Taproot Assets.
In the short term, the Bitcoin ecosystem will maintain the status of “a project, a protocol solution“, driving a variety of Bitcoin protocols. In the long term, the emergence of a BTC virtual machine is expected to unify development environments.
More assets are anticipated to be issued on the Lightning Network, which will serve as a technical foundation to support the continued adoption of BTC payments.
These projections and trends indicate an optimistic outlook for the Bitcoin ecosystem, supported by the growth potential and technological innovations that could transform the cryptocurrency market in the coming years.
Source: Ambito
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