Renowned Trader Assesses BTC and ETH Market Situation
Date: 2023-12-31 Author: Dima Zakharov Categories: BLOCKCHAIN
BTC's Remarkable Surge
In the world of cryptocurrency, Bitcoin (BTC) has been making headlines with its astonishing 80% price increase over the past eight weeks. Michael van de Poppe emphasized that this surge has brought substantial profits to investors. He further noted that the imminent launch of spot ETFs is a significant development, which will encourage traders to seek profitable opportunities, ultimately benefiting the crypto markets.
ETF Applicants' Deposit Requirement
Another important aspect highlighted by van de Poppe is the necessity for ETF applicants to provide a deposit, ensuring they can cover the ETF's value. He explained, "Before going live, 30-40% of the ETF value must be in Bitcoin." According to the investor, "Events are in the final stages of the impulse, which implies that the upward momentum is supported. This raises the question of whether BTC will bring more profits to investors from today onwards."
Why Ethereum Might Be the Better Investment
According to van de Poppe's perspective, Ethereum (ETH) is currently a more attractive investment. This is due to the fact that ETH has been oversold and received numerous negative reviews recently. He stated, "Typically, a significant surge follows a downturn." Moreover, several major companies have applied for spot ETH ETFs, expected to launch in 2024. This development is likely to contribute to the increase in ETH's value.
Price Predictions
Van de Poppe is confident that BTC could approach the $50,000 mark, but he finds it more probable for ETH to rise to $3,000 - $3,500.
As of the evening of December 30, 2023, Bitcoin was trading at $42,235, with a market capitalization of $827.79 billion. Ethereum, on the other hand, was available at $2,300, experiencing a 1.95% decrease in the past 24 hours, with a total supply of $276.71 billion
