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Bitcoin (BTC) has started to show price movements that indicate a rising trend following the entry into the significant year of 2024, which will witness major developments such as spot ETF approvals, block reward halvings, and potential Fed rate cuts. Alongside Bitcoin’s positive trajectory, crypto firm Matrixport reported that despite a funding rate exceeding 66% this month, it expects the largest cryptocurrency to rise to $50,000 and anticipates the beginning of an altcoin season.
Matrixport Foresees a Smiling Month for Crypto Investors
Crypto firm Matrixport has made a bold prediction that Bitcoin will rise to $50,000 this month due to four main factors. The company expects Bitcoin to reach this price despite an excessively high funding rate of 66%, influenced by spot ETF approvals, institutional purchases, supply scarcity, and historical trends.
Furthermore, Matrixport notes that with the rise of Bitcoin, an altcoin season is expected to start very soon, and the overall crypto market is anticipated to rise as a whole.
Current Status of Bitcoin and Altcoins
Current data shows the crypto king BTC, surging over 7% in the last 24 hours, trading at $45,284. This rise in Bitcoin is speculated to be triggered by expectations that the U.S. Securities and Exchange Commission (SEC) will approve at least 12 spot ETFs by the 11th of this month.
On the other hand, the largest altcoin Ethereum (ETH) has also seen a rise of 4.76% in the last 24 hours, trading at $2,386. Data shows that ETH has increased by 6.59% over the last 7 days and by 4.61% over the last 30 days.
Looking at CoinMarketCap’s lists of the day’s biggest gaining and losing altcoins, it is noticeable that the altcoin with the most significant growth today is Sei (SEI), with an increase of 29.17%. In the list of the day’s biggest losing altcoins, Helium (HNT) is at the top with a decrease of 3.41%.
