The week is over and so it’s time for an overview. What was the most interesting crypto news from last week? We’ll list it for you and take a look at the markets at the end. This is where Cardano (ADA) stole the show this week.
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Bitcoin “supercycle” could send price to $500,000
But first, Bitcoin’s recent price increases. The price was able to break out convincingly this week and is now trading well above $40,000. Amid the resulting euphoria, Bloomberg wrote about a series of Bitcoin predictions.
One such forecast, for example, says the stock could rise by as much as $500,000 in what Bloomberg calls a coming “supercycle.”
This positive trend in the crypto market is further reinforced by the expected approval of a Bitcoin exchange fund (ETF) in the US, which will make it easier for investors to invest in Bitcoin.
Despite the optimism, critics emphasize the speculative nature of Bitcoin, with some considering it a risky investment. However, the crypto community is eagerly awaiting further developments and has renewed interest in Bitcoin and other cryptocurrencies.
15 crypto predictions for 2024: Bitcoin breaks record
And as 2023 comes to a close, everyone is naturally looking ahead to the year ahead. What will 2024 bring for crypto? VanEck, a well-known asset manager, has made bullish predictions for the crypto industry in 2024, including strong performance from Bitcoin and Ethereum (ETH) as well as the launch of a Bitcoin exchange fund (ETF).
VanEck expects minimal disruption due to the Bitcoin halving, which will take place in April. Even more interesting is the expectation that Bitcoin will break its record high. The asset manager shared a total of 15 predictions for crypto in 2024.
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Head of the largest US bank: “I would completely restrict Bitcoin and crypto”
It wasn’t all roses and moonshine this week. The head of the largest bank in the USA, Jamie Dimon, made strong statements during an interrogation in the US Congress.
According to him, Bitcoin and crypto are mainly used by criminals. If he had his way, the US government would completely restrict the asset class. The crypto community reacted violently to the statements, according to reports on X.
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The crypto market is experiencing enormous growth, Cardano is stealing the show
Finally, we take a look at the current state of affairs in the crypto markets. Which cryptocurrencies stole the show this week? Among the top 100, this was the Bitttorrent token (BTT) with flying colors, up 190% compared to 7 days ago. You can read more about this here.
Among the larger cryptocurrencies, Cardano (ADA) stands out. The 8th-ranked altcoin rose nearly 50% in value this week. Earlier this week, ADA traded below $0.40 and peaked at $0.64 four days later. Get 20 euros, equivalent to 36 Cardano, completely free when you create a Bitvavo account using this link.
All in all, the crypto market has gained significantly in value this week and it couldn’t have been any different. This is an increase of approximately $150 million. All cryptocurrencies combined are now worth $1.63 trillion.
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