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π₯ Forecast 2024: Bitcoin has deceived everyone
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BTC successfully eliminated the consequences of the traumas experienced. The token survived despite structural problems, financial scandals, regulatory pressure and a crisis of consumer confidence, and in October it generally found a second wind.
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Since January 1, Bitcoin has grown by 164% and is confidently trading above $40,000. It outperformed all traditional assets, such as gold (only +10%) and the S&P 500 index (+20%). ETH also followed the trend and grew by 95%. According to CoinGecko, Bitcoin increased its share of the overall cryptocurrency market from 38% to 53%.
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Ripple's XRP token posted a year-over-year gain of 82% following a key legal victory for the crypto industry when a U.S. judge ruled that Ripple Labs' token sales on public exchanges did not violate securities laws.
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Expectations for 2024 are related to the official launch of spot exchange-traded crypto-ETFs, but the market is already overheated with information: speculators are simply waiting for the price to rise, and investors are counting on taking profits based on the advertised event.
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In August, a US court ruled that the SEC had unreasonably rejected Grayscale's idea to convert a $7 billion
BTC trust into an ETF. The emergence of such a fund will make it easier for ordinary citizens to invest in crypto. Thirteen major funds, including BlackRock and Fidelity, have also filed to launch the ETF.
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Bitcoin has long been considered a serious market instrument. Given the current profitability of
BTC and its correlation with other assets, we should expect a strong influx of money into this crypto asset. Today, even the most cautious investors are converting part of their portfolios into crypto for optimal diversification, and cold wallets with balances of less than 1
BTC have been accumulating Bitcoin en masse since early November.
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We also recommend keeping up with the modern market, but risk management must be very strict - crypto does not forgive mistakes.
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Profits to yβall!