Bitcoin Breaches $60,000 Mark; Is Crypto Back From The Dead?

Bitcoin Breaches $60,000 Mark; Is Crypto Back From The Dead?

2024 is shaping up to be a monumental year for the cryptocurrency market, with Bitcoin (BTC) and Ethereum (ETH) poised for significant developments and milestones in 2024.

Rahul MUpdated: Thursday, February 29, 2024, 02:01 PM IST
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Representative Image | FIle Photo

Bitcoin led a major rally for cryptocurrency prices and related stocks as it bolted above USD 63,083.40 for the first time since November 2021, reports said.

2024 is shaping up to be a monumental year for the cryptocurrency market, with Bitcoin (BTC) and Ethereum (ETH) poised for significant developments and milestones. Let's delve into each of these digital assets and explore their potential trajectories in the coming year.

Bitcoin (BTC) Halving Event

Bitcoin, the pioneering cryptocurrency, is poised for a significant event in 2024 - the Bitcoin halving. Scheduled for April 2024, this event will halve the number of BTC rewards generated per block, reducing them from 6.25 BTC to 3.125 BTC. The Bitcoin halving typically triggers several consequences, including potential price shifts due to a decrease in the supply of newly minted coins. Overall, the potential represents a milestone in the evolution of cryptocurrencies in traditional financial markets.

Ethereum (ETH) Spot ETF Approval

Anticipation is growing within the Ethereum (ETH) ecosystem regarding the potential approval of the Ethereum Spot ETF by the U.S. Securities and Exchange Commission (SEC) in 2024. If greenlit, this ETF would mark the second instance of a cryptocurrency being listed on the New York exchange, following the earlier approval of the Bitcoin spot ETF. Analysts are optimistic about the prospects of several Ethereum ETFs gaining approval this year, citing a similar approval trajectory as Bitcoin ETFs and Ethereum's removal from the SEC's list of unregistered securities.

The approval of the Ethereum ETF could have significant implications for the market, with expectations of Ethereum reaching all-time highs of around USD 4,800 per ETH post-approval. Unlike Bitcoin, Ethereum may demonstrate greater stability in its value, and the ETF's approval is anticipated to catalyze renewed investor interest and broader adoption of the cryptocurrency across various financial sectors.

Bitcoin's surge

The world's largest cryptocurrency jumped nearly 11 per cent over the last 24 hours, according to CoinDesk data, the Investor's Business Daily reported. In addition, mid-February bitcoin's market capitalisation crossed the USD 1 trillion mark for the first time in more than two years.

For traders, this event may lead to fluctuations in BTC prices, while for miners, it signifies a 50 per cent reduction in block rewards, potentially impacting mining operations' efficiency.

Bitcoin is now up 34 per cent so far this year, with most of the gains coming after the spot bitcoin ETF launches in early January. Ethereum surged about 6.8 per cent in the 24 hours to Tuesday morning, trading around USD 3,280. That's its best level since April 2022. ETH peaked at USD 3,289 in early Tuesday trade. The No 2 crypto spiked almost 44 per cent in 2024, the report said.

(With inputs from IANS and ANI)

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