New York, NY – Bitcoin prices remained stable around the $52,000 level over the weekend, despite lower trading volumes compared to weekdays. The trend of low volatility during weekends has been noticeable since the introduction of spot bitcoin exchange-traded funds (ETFs) in the U.S. in January, which has altered the market dynamics for bitcoin trading.
On the other hand, other major tokens such as ether and Polygon’s MATIC saw gains of more than 5% since Friday. Ether’s increase can be attributed to the growing expectations of an ether ETF being offered to U.S. investors, which has contributed to the recent momentum in the Ethereum ecosystem. Additionally, the CoinDesk 20 Index, a benchmark for the biggest and most liquid cryptocurrencies, also recorded a 2.68% rise in the past 24 hours.
In the AI sector, tokens like Worldcoin’s WLD, Fetch AI’s FET, Bittensor’s TAO, and Sleepless AI’s AI experienced a significant jump of up to 10% after technology firm OpenAI unveiled its text-to-video generator Sora, leading to heightened activity in the AI market.
Looking ahead, market observers are eyeing a short-term level of $55,000 for bitcoin, with a long-term projection of $70,000. Ed Hindi, Chief Investment Officer at Tyr Capital, shared his insights, suggesting that bitcoin is likely to push for $55,000 in the coming weeks and could potentially rally to its all-time highs of $70,000 in 2024. He also mentioned that ether is expected to garner significant attention for its larger upside potential and investment opportunities in the coming months. With the potential introduction of an Ether spot-ETF in the U.S. and increased global appetite for DeFi, Hindi believes that $5,000 for ETH in 2024 could be a realistic objective.