Bitcoin and Altcoins: A Look at the Current Market Situation

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Bitcoin and altcoin investors are now living the first days of 2024. We can say that the year 2023 was a year of compensation for 2024. Especially the last quarter of 2023 went great in terms of the recovery of cryptocurrencies. The increasing expectation for a Bitcoin ETF from June 2023 onwards had a significant impact on the rises. With the expectation of an approval from the SEC in January, hopes are now higher. So, what is the current situation of Bitcoin and cryptocurrencies in such an atmosphere? Let’s take a look together.

How Did Bitcoin and Ethereum Start the Year?

Bitcoin entered the new year at the levels of $42,283. While writing this article, we see that the BTC price is trading at $42,707. The upcoming process for Bitcoin seems to be connected with the SEC. A potential approval development regarding the Bitcoin ETF could bring higher levels for Bitcoin.

Looking at the Ethereum price, we see that ETH entered the new year at $2,254 levels. While writing this article, Ethereum is trading at $2,291. The next important development for Ethereum will be the 2024 roadmap announced by Ethereum founder Vitalik Buterin in recent days. The successes in this roadmap could potentially impact the Ethereum price.

Latest Status of BNB, Solana, XRP, Cardano, AVAX, and Dogecoin

Looking at the leading altcoins, we see a stagnation in prices. BNB, which has attracted attention with its effective rise recently, is trading at $311. Let’s note that the weekly rise is at the level of 17%. On the other hand, there is a stagnation in Solana’s price today. SOL is trading at $103 while writing this article.

Looking at other cryptocurrencies, the XRP price is trading at $0.61. Analysts like Dark Defender have set a target of $36 for XRP for the year 2024. Cardano is also experiencing the stagnation seen in other altcoins. Accordingly, the ADA price is at $0.59 while writing this article. Analyst Lucid has given a price target of $10 for ADA.

Looking at the AVAX price, we see that it is trading at $38.97. Let’s mention that there has been a 17% decline in the AVAX price over the last week. Lastly, the cryptocurrency Dogecoin is trading at $0.089.