The cryptocurrency market recorded one of its biggest gains for 2023 as reports of a spot Bitcoin ETF emerged in October. Now, analysts have predicted that spot ETFs will fuel the next bull market. In other news, Ethereum and a new altcoin have recorded a surge in investment inflows. Let’s dive deep into these exciting crypto trends.
The crypto market broke out of consolidation when rumors of a spot Bitcoin ETF emerged in October. Industry experts have reported that a Bitcoin ETF could be approved before the end of 2023 or in the first quarter of 2024. The price of Bitcoin surged past $35,000 for the first time since May 2022.
Hong Kong is reportedly thinking about allowing retail investors to purchase spot cryptocurrency exchange-traded funds (ETFs). Analysts believe that the introduction of a spot ETF will ignite the next bull market, given these promising developments. Consequently, most expectations for the price of Bitcoin are bullish.
A top analyst, Matrixport predicted that Bitcoin price will reach $45,000 by January. BitQuantexpressed a more optimistic forecast, predicting that Bitcoin could rally to a new all-time high of $250,000 before its halving event in April 2024.
Ethereum has struggled with institutional investment in 2023, with investors moving to Solana. However, trends have changed based on CoinShare’s latest report. The report showed that the Ethereum coin recorded $17.5 million – its highest weekly inflow since August 2022.
In addition, the Ethereum on-chain activity soared to a six-month peak. These increases have been linked to the increasing Ethereum crypto price. The Ether recently reclaimed the $1,900 level, gaining more than 17% on the monthly chart.
The Ethereum price prediction has also been bullish. Sporia has predicted a massive price increase ahead of the Bitcoin halving. According to Sporia, the Ethereum price will record a 799% price increase over a 4-year bull market.
Everlodge (ELDG) has become quite popular in the world of cryptocurrencies. It has created a marketplace to transform how real estate properties are bought and sold.
The project’s aim revolves around making it easier for people to invest in real estate using blockchain technology. In the traditional property market, a lot of money is needed for upfront investment. Everlodge has changed this by allowing individuals to start investing at just $100.
To achieve this, properties like villas, hotels, and homes will be digitized as listed as NFTs on the marketplace. Afterward, it would be split into small portions or shares that more people can buy easily. Interestingly, as the property becomes more valuable, so do the NFTs.
The ELDG token is the utility token of the ecosystem. Currently, it is valued at $0.023 in its presale. Those who buy this token will earn rewards, discounts, and other benefits like VIP membership. Market experts even predicted it might reach $0.38 before the year is over.
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