2023-12-23 00:14:21
© Reuters Cryptocurrencies: Bitcoin rises again after falling back on profit-taking, and Ethereum advances
The was pressured by profit taking after the cryptocurrency’s strong rises, however, by the end of the afternoon, the asset recovered and operated with a slight increase. Analysts assess that the scenario for the asset is likely to advance throughout 2024. It has already seen gains in the session.
At around 5pm (Brasília time), bitcoin advanced 0.24%, to US$43,752.88 (R$212,659.27), according to Coinbase (NASDAQ:). Ethereum rose 4.20%, to US$2,317.25 (R$11,268.04).
Bitcoin has risen by around two-thirds since mid-October, ending a multi-month period of subdued trading and sparking calls of a new crypto bull market – but there are signs that traders are looking to cash in, with declines in recent days amid rapid sales movements.
“The market has been hit by another wave of profit-taking, which has become common over the past two weeks,” said Alex Kuptsikevich, an analyst at brokerage FxPro. “On the other hand, price declines are becoming shallower, maintaining the long-term upward trend.”
The main narrative in crypto continues to be the expectation that US regulators will soon approve the first spot Bitcoin exchange-traded fund (ETF), which is expected to usher in a new wave of investor interest. Historically tight token supply and an improving macroeconomic backdrop also helped, with cryptocurrencies gaining along with oeo amid bets that the Federal Reserve (Fed) will cut interest rates several times next year.
Rodrigo Cohen, investment analyst and co-founder of Escola de Investimentos considers investment in cryptocurrencies to be promising for 2024. “I see that one of the investments that appreciated the most in this whole context was cryptocurrencies, as well as the stock market. In my view, the best of all this year in terms of appreciation, despite all the volatility, was cryptocurrencies. Bitcoin It tends to follow world indices, mainly US stock exchanges. And with stock markets rising there, cryptocurrencies also appreciated in value”, he says.
*With information from Dow Jones Newswires.
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