Bitcoin has generated an annual return on investment of more than 150%. It is expected only to rise, especially since its ETF has been approved. A total of 11 applications have made their way into the market, allowing traders to diversify their portfolios.
Udomsak Rakwongwan, a researcher from Kasetsart University, has backed the token by saying that 2024 should offer it some growth. Udomsak is also the founder of FWX, a decentralized DeFi platform. They have based their statement on the assumption that many Bitcoin enthusiasts believe in the future bull run.
The market cap of Bitcoin has fallen to $825 billion, and the 24-hour volume is up by 8.97% to $15 billion. It was last seen exchanging hands at $42,087.59, dropping 0.81% in the last 24 hours. Despite the valuation being down significantly from the recent high of ~$48,000, the community has optimistic hopes.
Bitcoin has jumped from ~$16,000 to ~$43,000 per recent value. There is no denying that a shift to the neutral phase, according to the CFGI, has paved the way for a higher jump.
Also, Bitcoin Halving is around the corner. If historical records are to be believed, it will spark a bullish run and tease the token to venture out on a journey to surpass its ATH by the end of the next year, that is, 2025. The ATH of Bitcoin remains $69,044.77 as of November 10, 2021.
Many financial giants have downplayed the Bitcoin ETF. A reason why the community has distanced itself from such talks is the fact that the approval of the ETF brings chances for investment. Thereby, injecting liquidity into the ecosystem will bring down volatility. Traditional investors are expected to explore the Bitcoin ETF for their portfolios.
That could be tricky. Vanguard has refused to offer Bitcoin ETF, or any other crypto ETF for that matter, to its customers.
Vanguard’s statement comes with the argument that the Bitcoin ETF does not effectively have anything concrete to offer its holders. The product has been termed an immature asset class with no inherent economic value. Vanguard has backed blockchain technology, though, and other investment products, including, but not limited to, equities and bonds.
Bitcoin is still in a spot that is sensitive to time and volatility. January alone has shown what the token is capable of. It was marked as extreme greed on January 9, 2024, and is now neutral. Plus, the token was near $48,000 after 11 Bitcoin ETF applications were approved. It later dropped with a free fall to $40,000.
Results for the Bitcoin ETF are awaited. It has been roughly 20 days since the SEC approved. Analysts are eager to see how the aspects of liquidity, volatility, and market manipulation have played out. On the other side, the community is more eager to see where it is headed before and after Bitcoin Halving.