Bitcoin Ends January with 0.62% Gain, Ethereum Slumps by 0.13%
Date: 2024-02-01 Author: Dima Zakharov Categories: BLOCKCHAIN
Volatility in Crypto Markets:
Throughout the month, both Bitcoin and Ethereum experienced significant volatility, with various factors contributing to these fluctuations. One notable factor at play is the impact of spot ETFs.
Bitcoin's Monthly Performance:
As of January 31, 2024, Bitcoin closed the month with a 0.62% increase in price, reaching $42,290, according to CoinGlass data. Although a slight decline occurred following the Federal Reserve's decision to maintain interest rates, this marked the sixth time Bitcoin closed January with a decrease in its history. However, historical data shows that Bitcoin often rebounded after such periods.
Ethereum's Monthly Performance:
Ethereum, on the other hand, recorded a 0.13% decline in price, trading at $2,271 at the time of writing. This marks the third time Ethereum has ended January in the red, with previous instances occurring in 2019 and 2022.
Spot ETF Impact:
The recent approval of spot Bitcoin ETFs saw Bitcoin's price surge to $48,500 briefly before dropping below $39,000. This narrative could also influence Ethereum's value, as Standard Chartered Bank predicts approval of spot ETFs based on this asset by May 2024.
As cryptocurrency markets continue to experience turbulence, investors and enthusiasts remain attentive to the ever-changing dynamics of the digital asset landscape.
