Bitcoin Crosses $45K On First Day Of 2024, Ethereum, Dogecoin Spike As Well: Analyst Says It's 'A Great Year'
Portfolio Pulse from Shivdeep Dhaliwal
Bitcoin surpassed $45,000 on the first day of 2024, marking the first time since April 2022 that it has reached this level, with a 5.7% increase over 24 hours. Ethereum and Dogecoin also experienced gains, though Dogecoin later saw a decline. The surge is attributed to the anticipation of spot Bitcoin ETF approvals, with 14 asset managers awaiting SEC decisions. Financial experts predict Bitcoin could reach between $60,000 and $100,000 in 2024. Meanwhile, stock futures remained flat, and a market pullback is considered healthy by some analysts. Cryptocurrency trader Michaël van de Poppe and Bitcoin maximalist Max Keiser expressed optimism for 2024, citing ETF approvals and regulatory frameworks as positive drivers.
January 02, 2024 | 3:06 am
News sentiment analysis
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NEGATIVE IMPACT
Dogecoin initially spiked along with other cryptocurrencies but later experienced a 2.93% decline, indicating a more volatile response to market conditions.
Despite the initial gain, Dogecoin's subsequent decline suggests that it may be more sensitive to market fluctuations or investor sentiment, which could lead to short-term price decreases.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Bitcoin's surge past $45,000 is driven by anticipation of spot Bitcoin ETF approvals and bullish predictions by financial experts for 2024.
The price of Bitcoin is directly impacted by the news due to the psychological significance of surpassing the $45,000 mark and the potential regulatory approvals of Bitcoin ETFs, which could lead to increased institutional investment and higher demand.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Ethereum saw over a 3% gain, potentially influenced by the same factors driving Bitcoin's surge, including the anticipation of an Ethereum spot ETF approval.
Ethereum's price increase is likely influenced by the overall positive sentiment in the cryptocurrency market and the possibility of an Ethereum spot ETF approval, which could attract more investors to the asset.
CONFIDENCE 75
IMPORTANCE 75
RELEVANCE 80