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As 2023 draws to a close, the question remains whether Bitcoin will reach the anticipated $50,000 mark. After a swift recovery from its drop to below $42,000 yesterday, BTC has risen to its daily peak of $43,445 at the time of writing. It’s important to remember that in the past weeks, the price had surpassed the $44,000 level.
Top Altcoins and Their Price Surge
Following a sudden drop on the night of December 26, Bitcoin’s price recovered, and as of the time of writing on December 27, it has returned to the $43,400 level. The rise was not limited to BTC alone and was reflected in some high-volume altcoins.
Among the top 10 in terms of volume, altcoins such as SOL, XRP, ADA, and BNB experienced relatively low increases in price, while others continued their strong performance. As of the time of writing, data from 21milyon.com revealed that three altcoins showed above-market price movements.
Optimism (OP), which has been frequently mentioned in recent times, had seen a 28.28% increase to a price level of $4.10 at the time of writing, placing it among the altcoins that made investors happiest. It is also worth noting that OP’s one-year price movement shows an increase of 341%. Looking at the altcoin’s 24-hour trading volume, there has been a 115% increase, exceeding $1 billion. With the increase in market volume, the value surpassed $3.7 billion. Optimism (OP) is predicted to trade between $2.27 and $3.25 by the end of 2024.
Another altcoin that caught attention during the day was Arbitrum (ARB). According to data from 21milyon.com, a 14% movement in the last 24 hours paved the way for the price to rise to $1.48. There was an 81% increase in the volume of transactions over the last 24 hours, exceeding $1 billion. The overall volume of the altcoin also saw a 14% increase, approaching $2 billion. Opinions suggest that the price of Arbitrum (ARB) will trade between $2.08 and $3.92 by the end of 2024.
Lastly, Chainlink (LINK), which is seen as one of the triggers of the recent mini bull run, also pleased investors with an above-market increase. The 9% increase in LINK brought the price level to $16.33. It is thought that LINK could have a price between $20 and $60 by 2024.
Current Situation of Bitcoin
In the past weeks, Bitcoin experienced an incredible price surge. Some altcoins showed even better performance than Bitcoin in parallel with this rise. The subsequent drop after reaching a price level of $44,400 during this period caused concern among investors.
Following the Grayscale news yesterday, the BTC price fell below $42,000 but has risen above $43,400 at the time of writing. With just days left until the new year, the excitement and expectations for the approval of an ETF could potentially drive the Bitcoin price higher.
