Bitcoin stays around $52k mark; Ether gains over 5%

19 Feb 2024

There was little change for the price of Bitcoin over the weekend, staying around the $52,000 level on comparatively lower trading volumes compared to weekdays.

At the time of writing, Bitcoin was trading at $52,299.

Yet other major tokens registered higher gains, including Ether and Polygon’s MATIC, which are up more than 5% since Friday, CoinDesk reports.

Ether likely rose on mounting expectations of a spot Ether exchange-traded fund (ETF) being approved in the US, which has bolstered the Ethereum ecosystem over the last few weeks.

Furthermore, the CoinDesk 20 Index, considered a point of reference for the largest and most liquid cryptocurrencies, has risen 2.68% over the last 24 hours.

In addition, Artificial intelligence (AI)-related tokens, including Sleepless AI’s AI, Bittensor’s TAO, and Worldcoin’s WLD, rose as much as 10% as OpenAI unveiled its text-to-video generator Sora, fuelling a run in the AI sector.

Regarding Bitcoin, analysts view a short-term price level of $55,000 for the world’s largest crypto by market cap and $70,000 over the longer term.

“Bitcoin is nearing its peak and will likely be pushing for $55,000 in the coming weeks. In 2024, we expect Bitcoin to rally to its all-time highs, reaching the $70,000 mark early this year,” stated Chief Investment Officer at Tyr Capital, Ed Hindi.

Hindi went on to add that there will likely be a great deal of hype surrounding Ether due to its promising growth potential and attractive investment prospects in the months ahead.

“The real hype will be around Ethereum. With the potential introduction of an Ether spot-ETF in the US, in tandem with the increased global appetite for DeFi – $5,000 for ETH in 2024 could very well be a realistic objective,” he added.

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