A significant catalyst behind the pioneer cryptocurrency Bitcoin’s record-breaking surge into an astonishing $72,000 on March 12 was the recent announcement by the London Stock Exchange, declaring its acceptance of Bitcoin and Ethereum Exchange-Traded Notes (ETNs) from the second quarter of 2024. This move marks a major step towards mainstream adoption and has injected fresh optimism into the crypto market.
ETFs and institutional influx
The US Securities and Exchange Commission (SEC) has approved Bitcoin exchange-traded funds (ETFs), opening the floodgates for institutional investors. Giants like Blackrock, Vanguard, and Fidelity have launched their ETFs, leading to a staggering $41 billion inflow of institutional money into Bitcoin. This influx provided a strong foundation for Bitcoin’s remarkable ascent.
Altcoins ride the wave
As Bitcoin’s price skyrockets, alternative cryptocurrencies such as Ethereum, Solana, and Shiba Inu have witnessed a surge in popularity. Minor retracements in Bitcoin’s price have catalysed these altcoins, propelling them to new heights. Market indicators suggest that Ethereum and Solana lead the charge, with Shiba Inu following suit.
Anticipation of bull run
After years of uncertainty and setbacks, the crypto industry is experiencing a renaissance. Factors such as the upcoming Bitcoin halving event, impending Ethereum ETF approvals, and favourable regulatory developments have reignited investor confidence. Analysts predict that Bitcoin’s price could reach new highs, with some projecting a staggering $150,000 valuation.
Expert take on the future
With insights from industry leaders like Edul Patel, CEO of Mudrex, and Parth Chaturvedi, Investments Lead at CoinSwitch, the crypto community is abuzz with discussions about what lies ahead for the digital gold.
Patel’s remarks on Bitcoin’s ascent highlight the current resistance levels, showcasing the resilient buying interest that fuels the cryptocurrency’s momentum. On the other hand, Chaturvedi’s insights into Bitcoin’s mining hashrate and increased security shed light on the underlying factors driving market sentiment.
The DeFi sector also commands attention, boasting a total volume of $7.54 billion, signaling a significant portion of the overall crypto market activity. Stablecoins, with a volume of $72.24 billion, dominate the market’s 24-hour volume, underlining their role in stabilizing the crypto ecosystem.
Bitcoin’s market cap, soaring to $1.396 trillion, underscores its continued dominance despite a 26% decrease in volume over 24 hours. Sathvik Vishwanath, Co-Founder & CEO of Unocoin, provides a technical view, pointing to indicators like the 30-day moving average and relative strength index, hinting at sustained momentum and potential price appreciation.
Analysts are eyeing a short-term sell-off post-halving but remain optimistic about long-term gains fueled by reduced supply. Projections suggest Bitcoin could hit $75,000 by May, with a bullish outlook targeting $80,000 to $90,000 by Q3 2024.
Binance’s expansion into Mideast
Meanwhile, amid the crypto euphoria, Binance, the world’s largest cryptocurrency exchange, is charting new territories in the Middle East. With regulatory challenges in the US market, Binance has set its sights on Dubai.
The region’s growing tech-savvy population and favourable regulatory environment make it an ideal destination for crypto businesses. Binance’s foray into the Middle East underscores the region’s emergence as a global hub for cryptocurrency innovation.
Looking ahead to other markets such as Oman, Tanmai, an IT specialist and active trader, is upbeat about the future of Bitcoin in Oman: “The fact that Bitcoin is decentralised and not manipulated by any government or entity is the reason I have been actively following its progress.”
He added, “Although it hasn’t caught up to speed, it sure would mean an interesting future if Bitcoin kept increasing in value and more players took advantage of it here in Oman.”
As Satoshi Nakamoto famously remarked, “If you don’t get it, I don’t have the time to try to convince you.” In a world increasingly embracing digital currencies, perhaps it’s time to pay attention to the writing on the blockchain.
