Zinger Key Points
- Major cryptocurrencies experienced a decline following the U.S. central bank's decision to implement interest rate hikes.
- Large bitcoin investors are currently hesitant to buy or sell more of the asset, indicating that they don't see it as undervalued.
- Analysts predict that breaking the $29,700 mark could serve as a catalyst for Bitcoin.
- Get Monthly Picks of Market's Fastest Movers
Major cryptocurrencies witnessed a decline on Thursday evening due to the U.S. central bank’s decision to implement 25 basis point interest rate hikes.
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Bitcoin BTC/USD | -0.46% | $29,258 |
| Ethereum ETH/USD | -0.56% | $1,863 |
| Dogecoin DOGE/USD | -0.49% | $0.077 |
What Happened: Large bitcoin investors holding between 10 and 100 bitcoin, as well as those holding between 1,000 and 10,000 BTC, are currently showing a reluctance to buy or sell more of the asset.
O-chain analytics firm Glassnode reveals that investors do not see BTC as undervalued. Addresses holding between 1,000 and 10,000 bitcoin are displaying similar behavior.
Interestingly, the amount of bitcoin held by addresses with holdings between 10,000 and 100,000 has experienced a slight increase, while the supply balance remains stable for the largest bitcoin holders with over 100,000 BTC.
Top Gainer (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Casper | +5.86% | $0.04024 |
| Stellar | +4.66% | $0.1615 |
| Nexo | +3.97% | $0.6537 |
Currently, the global crypto market capitalization stands at $1.18 trillion, a 0.18% decrease in the last day.
The US stock market witnessed a decline on Wednesday, with the S&P 500 slipping by 0.64%. Notably, the broader index briefly surged above the significant 4,600 level, a milestone not reached since March 2022.
In tandem, the Nasdaq Composite experienced a dip of 0.55% as investors seized the opportunity to secure gains in prominent tech stocks such as Microsoft and Apple.
See More: Best Crypto Day Trading Strategies
Analyst Notes: Crypto Analyst Michael Van de Poppe believes that breaking the $29,700 mark would serve as a strong catalyst for Bitcoin, propelling it to achieve new all-time highs.
Another analyst Tom Lee predicts that Bitcoin could reach six figures before halving in 2024.
According to Lee’s research note, the approval of a spot Bitcoin exchange-traded fund (ETF) could potentially trigger a rally, pushing BTC to a range of $140,000 to $180,000 by next year in April. This significant increase would represent a growth rate of 380% to 516% from current levels.
"Equilibrium analysis suggests that a clearing price is $140,000 to $180,000, before the April 2024 halvening," he said.
Ki Young Ju, the co-founder and CEO of analytics platform CryptoQuant, believes that Bitcoin is still in a bull cycle. This is primarily due to the fact that the majority of BTC acquired or mined more than six months ago remains static, indicating low selling pressure from long-term holders. With approximately 71% of the realized cap being unmoved BTC, the market is showing strong signs of continued upward momentum for Bitcoin.
Photo Courtesy: Shutterstock.com
Read Next: Jim Cramer Advises Against Using Binance, Provokes Strong Reactions From Twitter Users
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
