Will Bitcoin (BTC) and Ethereum (ETH) Ride the Institutional Wave to New Peaks by 2024?



Recent Cryptocurrency Market Turbulence


Recently, the cryptocurrency market has been facing significant fluctuations, with bitcoin (BTC) falling over 3% to below $37,000 and ethereum (ETH) trading below $2,000 following a notable rally. The total market capitalization saw a nearly 4% decrease, settling at $1.38 trillion, creating a mix of anticipation and caution among investors. These shifts are reflected in the current Fear and Greed Index, which stands at 72, indicating a degree of uncertainty in the market.

Volatility of bitcoin (BTC) and ethereum (ETH)


BTC experienced a turbulent 24 hours, reaching highs near $37,900 and plunging to lows around $35,500. Despite this volatility, BTC‘s market dominance remains unshaken at over 51%. Meanwhile, ETH saw a 1.5% drop in the last day and a 6% decrease over the week, with both crypto giants experiencing significant declines in trading volumes, signaling a cooling in market activity.

ScapesMania (MANIA): A Newcomer Full of Promise


Amidst the uncertainty surrounding established cryptocurrencies, newcomer ScapesMania (MANIA) is emerging as a promising project. This gaming ecosystem, powered by DAO governance, offers transparency and attractive presale offers, presenting a compelling alternative to the dominance of bitcoin (BTC) and ethereum (ETH) in the market.

Fidelity’s Strategic Leap into the Crypto Sphere


Following the recent market turbulence, financial giant Fidelity has announced the launch of a spot ethereum exchange-traded fund (ETF), signaling a strategic move that could be a catalyst for the next surge in the crypto market. This development, combined with other financial giants queuing up for SEC approval of bitcoin and ethereum ETFs, represents a potential game-changer for crypto investing.

The Technical Landscape and Future Trajectory of bitcoin (BTC) and ethereum (ETH)


bitcoin (BTC) is currently navigating a fascinating technical landscape, with the potential for upward momentum if it breaks above $37,728. On the other hand, ethereum (ETH) finds itself at a pivotal point in the market, influenced by recent ETF filings, as it balances cautiously optimistic sentiment with potential for growth.

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Overall, the paths ahead for both bitcoin (BTC) and ethereum (ETH) are shaped by a mix of technical indicators and big financial moves, as well as market sentiment and regulatory shifts, making them crucial to watch in the coming days.



### News source: cryptodaily.co.uk

By Team