Despite a price pullback, the crypto market cap chart saw balanced movements, with several altcoins holding their support levels over the last few days.
Bitcoin saw little volatility during the weekend, with robust support at $41,500. It is currently trading a little below $42,000, with psychological resistance at the level. On the other hand, multiple tokens held their support, leading to a stable crypto market cap chart. If the profit-booking spree ends in the next few days, bulls could aim to take BTC upwards of $43,000.
There has been a spate of discussions and debates over Bitcoin’s next target for 2024. Various experts believe the increasing capital inflow and limited supply of BTC in exchanges could propel its prices. Analysts predict the $50,000 mark in the next quarter, while many have affirmed that BTC could hit its all-time high mark in 2024.
Traders and investors could closely watch the post-ETF rally for BTC. As the SEC continues to meet asset managers and sort out issues, the ETFs’ likelihood has increased. Many traders believe the ETFs could help sustain regular capital inflows into the crypto market.
On the other hand, retail investors could easily invest in Bitcoin through ETFs, expanding adoption in the US. The increasing adoption could also be an advantage for the crypto market and pull it upwards.
BTC/USD 1D price chart
Bitcoin is currently trading at around $41,800 on December 17, 2023, with BTC/USD trading lower by a margin of 0.9% in the last 24 hours. Bitcoin’s market cap was trading at around $818 billion.
BTC/USD is trading higher than its 20-day EMA (40,211.18), as BTC’s 24-hour volume was at around $14.36 billion. The crypto market cap decreased by around 0.73%, trading above $1.58 trillion. BTC’s year-to-date returns are above 154.56%
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