The cryptocurrency market experienced a surge in market capitalization to $1.67 trillion, reaching a new high since May 2022. However, profit-taking quickly ensued, a trend observed over the past fortnight.
Bitcoin (BTC):
Bitcoin approached the $44.4K level but faced resistance, subsequently retracting to $43.7K.
Despite pullbacks, the shallower dips indicate the continuation of the longer-term bullish trend.
Altcoins:
Solana (SOL) encountered a 6% correction after attempting to breach the $100 mark, settling at $94.
Ethereum (ETH) demonstrated positive dynamics, accelerating growth to $2300.
Market Catalysts and News:
CryptoQuant suggests various catalysts could propel Bitcoin to $160K in a 2024 bull market, including demand from spot ETFs, upcoming halving, and US interest rate cuts.
Bitcoin miners attained record total commissions amid heightened trading activity, impacting mining revenue.
Trezor, a hardware wallet maker, added support for Solana (SOL) and SPL tokens.
Messari reported a 400% increase in the average daily active addresses on the Solana network in Q4 2023, outpacing Ethereum’s growth.
A US appeals court formalized the seizure of 69,370 BTC linked to Silk Road, a darknet marketplace.
PwC’s report highlighted that 42 countries globally implemented initiatives to regulate digital assets in 2023.
