- Bitcoin shows potential for a new peak post-halving in Q4 2024; historically, it has risen after such events.
- Ethereum remains a key asset, although it hasn’t reached a new high; currently priced at $2,458.85.
As the final quarter of 2024 approaches, several indicators suggest that the cryptocurrency market may experience an uptrend.
The weekly altcoin market capitalization chart displays a bullish flag pattern, and the Bitcoin rainbow chart categorizes Bitcoin as “still cheap,” suggesting its current price of $59,097.36 might be undervalued.
Earlier this year, Bitcoin reached a new peak of over $72,000 but subsequently saw a price decrease. Historical data from periods following previous halvings suggest that Bitcoin could soon enter another bullish phase, as it has tended to rise after past halvings. The most recent halving occurred in April 2024, lending support to predictions of a bull run in the fourth quarter.
Ethereum, while not reaching a new high this year, remains a key asset in the crypto market, with a current price of $2,458.85. The Bitcoin MVRV ratio, which measures market value relative to realized value, is at 2.92%. Historically, when this ratio exceeds 30%, Bitcoin prices have tended to rise to new heights.
The altcoin sector also shows signs of growth potential. A surge in Bitcoin typically benefits altcoins due to their correlated market movements.
The altcoin season index, which currently favors Bitcoin, could shift, enhancing altcoin values further.
Memecoins have shown strong performance within the broader crypto market. Newly introduced Solana-based memecoins like dogwifhat have increased in value by over 800% since their introduction.
Another memecoin, POPCAT, has increased by 4184% since its launch. These gains highlight the diverse investment opportunities in the crypto market beyond mainstream cryptocurrencies like Bitcoin and Ethereum.
The current price of Bitcoin (BTC) is approximately $59,103.06 USD, showing a slight decrease of 0.31% over the past 24 hours. Today’s trading range has been between $58,949.61 and $59,298.57 USD.
The 52-week range for Bitcoin has been from $24,930.30 to $73,750.07 USD. The market capitalization of Bitcoin stands at $1.167 trillion, with a trading volume of around $38.01 billion over the last 24 hours.
