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Peter Davis

An writer at FOMOdrive

  • Dec 20, 2023
  • 3 min read

Bitcoin jumped above $44,000, reaching new highs in a week and a half

Ripple's XRP has been surpassed in market capitalization by Solana.

In 2024, Bitcoin is expected to outperform the majority of other cryptocurrencies.

It is certain that the Bitcoin Exchange-Traded Fund will be given the green light in January of 2024.

There is a strong possibility that JPMorgan will experience a "sell-the-facts" effect.

Messari predicts that by 2024, the crypto market will enter a bullish phase, with Bitcoin as its main driver, growing more than most other assets. In the long run, the world is transitioning to a digital era in which BTC will be the digital equivalent of gold. This would give Bitcoin a value of over $600,000, according to estimates.

Jeremy Allaire, CEO of Circle, declared that in the current challenging political climate, Bitcoin has become an asset that investors must possess. He also stated that dollar stablecoins can be a dependable store of value.

K33 predicts that a Bitcoin ETF will be approved by January 10, 2024, which is supported by the recent influx of revised applications for these funds.

Michael Saylor, the founder of MicroStrategy, is of the opinion that the authorization of spot Bitcoin ETFs in the United States, which the entire crypto industry is so eagerly anticipating, will be the most significant event for the American stock market in the last 30 years. He believes that the market has never seen a two- to ten-fold surge in demand coupled with a lack of supply of a desired asset that people want to possess for a prolonged period.

JPMorgan has observed that crypto investors have become overly optimistic due to the expectation of the SEC's approval of spot Bitcoin ETFs. This has caused BTC to reach overbought levels not seen since 2021. The bank has warned that when the ETF is approved in the beginning of next year, there is a high chance of a "buy the rumor, sell the fact" effect.

Brian Armstrong, the head of Coinbase crypto exchange, has expressed his disapproval of US Senators Elizabeth Warren and Roger Marshall for attempting to make large banks hostile to the crypto industry. He believes that "opposing cryptocurrencies is a very poor political strategy for 2024." Coinbase shares have seen an impressive surge of 400% in 2023, outperforming all major cryptocurrencies.

D3 Global and the developers of the Shiba Inu (SHIB) meme token have formed a partnership to register the ".shib" top-level domain.

On Wednesday, the Solana (SOL) cryptocurrency surged nearly 9%, reaching new highs since early May 2022 near $84 and surpassing Ripple's XRP token in market capitalization. This jump in price propelled SOL to the fifth spot in the CoinMarketCap ranking.

Messari believes that Bitcoin and the tokens of the Solana ecosystem are highly promising and does not envision a situation in which Ethereum could overtake either of them or the original cryptocurrency.

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