Amid a wider cryptocurrency market rally that has helped the price of the flagship cryptocurrency Bitcoin (BTC) near $43,000, altcoins including Polkadot (DOT), BONK, and Cardano (ADA) have outperformed most other assets as the market added over $60 billion in market capitalization.
The price of Bitcoin is, at the time of writing, trading at $42,900 after moving up over 4% in the last 24-hour period, while Ethereum’s ETH is up 4.7% over the same period to now trade at $2,280.
Other altcoins, however, had significantly better performance as, according to CryptoCompare data Cardano’s ADA moved up 13.3% over the last 24 hours, outperforming Polkadot’s DOT, which rose 8.3%. Solana-based meme-inspired cryptocurrency has, meanwhile, surged 50% after being listed on Nasdaq-listed exchange Coinbase.
These rises have helped the cryptocurrency space’s total market capitalization move up over $60 billion in a single day to reach $1.62 trillion. These price rises come at a time in which several cryptocurrency market price predictions have been made, including JPMorgan suggesting Ethereum will outperform Bitcoin next year.
In contrast to their bullish outlook on Ethereum, JPMorgan analysts maintain a cautious stance on the broader crypto market for the upcoming year.
They believe that the positive factors for Bitcoin, such as the potential approval of spot ETFs and the anticipated halving event in 2024, are already factored into its current price. The analysts draw on the post-2020 halving trend, where Bitcoin’s price-to-production cost ratio decreased, to support this view.
Meanwhile, Bitwise Asset Management has predicted Bitcoin will trade above $80,000 next year driven by the expected launch of a spot Bitcoin exchange-traded fund and its supply halving, expected to occur around the end of April.
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