Ethereum

Arbitrum

Chair

Bitcoin

Spot

Rising uncertainty around the approval of <a href="https://coingape.com/fidelity-bitcoin-etf-us-sec/?utm_source=24hrsupdatebitcoin" rel="noopener noreferrer nofollow">spot Bitcoin ETFs</a>&nbsp;by the US Securities and Exchange Commission (SEC) fueled increased volatility in the cryptocurrency market on Wednesday. Digital assets across the board saw losses, with&nbsp;<a href="https://coingape.com/price/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a>&nbsp;and top altcoins Ethereum (ETH) and&nbsp;<a rel="noopener noreferrer nofollow" href="https://www.coingecko.com/en/coins/solana">Solana (SOL)</a>&nbsp;leading the decline.
<h2 class="p1" id="uncertainty-grips-crypto-market-over-spot-bitcoin-etf-approval">Uncertainty Grips Crypto Market Over Spot Bitcoin ETF Approval</h2>
While positive sentiment towards spot Bitcoin ETFs had prevailed in recent months, a report released by Matrixport on Wednesday cast doubt, suggesting an imminent rejection unless key requirements are met. The report also highlights the potential legal challenges the SEC could face if it outrightly rejects all 14 proposals — a move some experts say, it’s unlikely to make considering it lost lawsuits against Ripple and Grayscale.
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 Matrix on Target projects a January rejection for Bitcoin Spot ETFs by the SEC, cautioning traders to hedge long exposure. With <a href="https://twitter.com/hashtag/SEC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#SEC</a> Chair Gensler’s skepticism towards <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#crypto</a>, a potential -20% <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> price drop is anticipated upon <a href="https://twitter.com/hashtag/ETF?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#ETF</a> denial, though a positive end-of-2024… <a href="https://t.co/IgaMhBJtiP" rel="noopener noreferrer nofollow">pic.twitter.com/IgaMhBJtiP</a>
 — Matrixport (@realMatrixport) <a href="https://twitter.com/realMatrixport/status/1742494210010624179?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 3, 2024</a>
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The SEC Chair Gary Gensler said in December that the spot ETF would trigger the crypto market to take off and the industry needed more stringent rules. In the report, researchers at the firm predicted that the earliest approval date lies in Q2 after all requirements have been fulfilled to satisfy the SEC.
In an earlier report, Matrixport said that Bitcoin could rally to $50,000 in January buoyed by “<a href="https://coingape.com/sources-us-sec-can-notify-bitcoin-etf-issuers-approval-notice-by-jan-5/?utm_source=24hrsupdatebitcoin" rel="noopener noreferrer nofollow">an imminent Spot Bitcoin ETF approval</a>, institutional buying, and factors such as supply shortage and historical trends.” Additionally, there was a high probability of altcoins breaking out and eventually leading to a higher funding rate of more than 66%.
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 Anticipate a substantial <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> surge to $50,000 in January, driven by an imminent <a href="https://twitter.com/hashtag/BitcoinSpot?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BitcoinSpot</a> <a href="https://twitter.com/hashtag/ETF?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#ETF</a> approval, institutional buying, and factors such as supply shortage and historical trends, with potential for <a href="https://twitter.com/hashtag/altcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#altcoin</a> season and a funding rate reaching +66%.
 Read the full… <a href="https://t.co/sueG5LqENp" rel="noopener noreferrer nofollow">pic.twitter.com/sueG5LqENp</a>
 — Matrixport (@realMatrixport) <a href="https://twitter.com/realMatrixport/status/1742020661047140702?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 2, 2024</a>
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Like fickle winds shifting a weather vane, analysts have abruptly changed their tune, leaving the fate of spot ETFs shrouded in mist. Can anyone say for sure? Not likely. But one question cuts through the fog: which altcoins might serve as steady anchors if the SEC casts all proposals onto the rocks?
Recommended for you:&nbsp;T<a href="https://coingape.com/markets/top-altcoins-to-buy-today-january-3-mkr-sol-bonk/" rel="noopener noreferrer nofollow">op Altcoins To Buy January 3: MKR, SOL, BONK</a>
<h2 class="p1" id="ethereum-price-prediction-after-hitting-2-400-in-2024">Ethereum Price Prediction After Hitting $2,400 In 2024</h2>
The largest smart contracts token ETH started the year on a positive note, climbing to $2,400 for the first time since May 2022. Despite the bullish outlook across the market,&nbsp;<a href="https://coingape.com/price/ethereum/" rel="noopener noreferrer nofollow">Ethereum price</a>&nbsp;trimmed gains testing support at $2,100 before regaining the ground to $2,228 on Thursday during US early morning hours.
Bulls appear to have calmed the bearish situation, implying that a trend reversal was likely in the short term. Realize that Ether is currently stuck between immediate support provided by the 50-day Exponential Moving Average (in red) at $2,182 and the 20-day EMA (in blue) at $2,270.
<figure id="attachment_172280" aria-describedby="caption-attachment-172280" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-172280" src="https://coingape.com/wp-content/uploads/2024/01/ETHUSD_2024-01-04_15-03-48.png" alt="Ethereum price chart" width="2710" height="1454" srcset="https://coingape.com/wp-content/uploads/2024/01/ETHUSD_2024-01-04_15-03-48.png 2710w, https://coingape.com/wp-content/uploads/2024/01/ETHUSD_2024-01-04_15-03-48-300x161.png 300w, https://coingape.com/wp-content/uploads/2024/01/ETHUSD_2024-01-04_15-03-48-1224x657.png 1224w, https://coingape.com/wp-content/uploads/2024/01/ETHUSD_2024-01-04_15-03-48-768x412.png 768w, https://coingape.com/wp-content/uploads/2024/01/ETHUSD_2024-01-04_15-03-48-1536x824.png 1536w, https://coingape.com/wp-content/uploads/2024/01/ETHUSD_2024-01-04_15-03-48-2048x1099.png 2048w, https://coingape.com/wp-content/uploads/2024/01/ETHUSD_2024-01-04_15-03-48-150x80.png 150w" sizes="(max-width: 2710px) 100vw, 2710px">
 <figcaption id="caption-attachment-172280" class="wp-caption-text">
 Ethereum price chart | Tradingview
 </figcaption>
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If accepted into the ascending channel, Ethereum might stabilize the uptrend and clear the path for another take on resistance at $2,400.
Traders like Captain Faibik believe that the “ETH bull run has already started” and that investors should expect a “new all-time high in Q2 2024.”
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 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a> Bull run is already Started <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/2705.png" alt="✅" class="wp-smiley" style="height: 1em; max-height: 1em;">
 Expecting New All time High in Q2 2024.<a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Crypto</a> <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Ethereum</a> <a href="https://twitter.com/hashtag/ETH?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#ETH</a> <a href="https://t.co/LRvleHJuLN" rel="noopener noreferrer nofollow">pic.twitter.com/LRvleHJuLN</a>
 — Captain Faibik (@CryptoFaibik) <a href="https://twitter.com/CryptoFaibik/status/1742858438483517851?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 4, 2024</a>
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Ethereum, unlike many altcoins that tend to plummet during crypto winters, has historically moved in tandem with Bitcoin, thereby minimizing the impact of market downturns. This makes Ether a strong contender for inclusion in a 2024 crypto portfolio.
<h2 class="p1" id="solana-price-deep-dive-presents-prime-opportunities">Solana Price Deep Dive Presents Prime Opportunities</h2>
After a remarkable 616% increase in the last year, Solana encountered strong headwinds, suppressing gains since December 25. The decline intensified by the uncertainty around the approval of spot BTC ETFs pushed SOL below the $100 level, with the candle wick stretching to $85.
A reflex rebound occurred swiftly lifting&nbsp;<a href="https://coingape.com/price/solana/" rel="noopener noreferrer nofollow">Solana price</a>&nbsp;slightly above $100. However, the tailwind was not strong enough to steady the uptrend which explains the pivotal movement at $100.
<figure id="attachment_172281" aria-describedby="caption-attachment-172281" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-172281" src="https://coingape.com/wp-content/uploads/2024/01/SOLUSD_2024-01-04_15-32-19.png" alt="Solana price chart" width="2710" height="1454" srcset="https://coingape.com/wp-content/uploads/2024/01/SOLUSD_2024-01-04_15-32-19.png 2710w, https://coingape.com/wp-content/uploads/2024/01/SOLUSD_2024-01-04_15-32-19-300x161.png 300w, https://coingape.com/wp-content/uploads/2024/01/SOLUSD_2024-01-04_15-32-19-1224x657.png 1224w, https://coingape.com/wp-content/uploads/2024/01/SOLUSD_2024-01-04_15-32-19-768x412.png 768w, https://coingape.com/wp-content/uploads/2024/01/SOLUSD_2024-01-04_15-32-19-1536x824.png 1536w, https://coingape.com/wp-content/uploads/2024/01/SOLUSD_2024-01-04_15-32-19-2048x1099.png 2048w, https://coingape.com/wp-content/uploads/2024/01/SOLUSD_2024-01-04_15-32-19-150x80.png 150w" sizes="(max-width: 2710px) 100vw, 2710px">
 <figcaption id="caption-attachment-172281" class="wp-caption-text">
 Solana price chart | Tradingview
 </figcaption>
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A sell signal from the Moving Average Convergence Divergence (MACD) indicator might narrow the chances of an immediate rebound. However, this could be an excellent buy-the-dip opportunity, keeping in mind the bullish outlook Solana has sustained since mid-October.
<h2 class="p1" id="arbitrum-price-blasts-off-into-price-discovery">Arbitrum Price Blasts Off Into Price Discovery</h2>
The Ethereum layer-2 scaling provider protocol, Arbitrum emerged as one of the best top altcoin contenders toward the end of the year. Following months of consolidation below $1 and the impact of support at $0.75, ARB climbed higher and higher.
At first, the recovery was lethargic but it gained momentum last week after Arbitrum defeated resistance at $1.25, curving a path to new all-time highs of $2.
<figure id="attachment_172279" aria-describedby="caption-attachment-172279" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-172279" src="https://coingape.com/wp-content/uploads/2024/01/ARBUSD_2024-01-04_15-47-15.png" alt="Arbitrum price chart" width="2710" height="1454" srcset="https://coingape.com/wp-content/uploads/2024/01/ARBUSD_2024-01-04_15-47-15.png 2710w, https://coingape.com/wp-content/uploads/2024/01/ARBUSD_2024-01-04_15-47-15-300x161.png 300w, https://coingape.com/wp-content/uploads/2024/01/ARBUSD_2024-01-04_15-47-15-1224x657.png 1224w, https://coingape.com/wp-content/uploads/2024/01/ARBUSD_2024-01-04_15-47-15-768x412.png 768w, https://coingape.com/wp-content/uploads/2024/01/ARBUSD_2024-01-04_15-47-15-1536x824.png 1536w, https://coingape.com/wp-content/uploads/2024/01/ARBUSD_2024-01-04_15-47-15-2048x1099.png 2048w, https://coingape.com/wp-content/uploads/2024/01/ARBUSD_2024-01-04_15-47-15-150x80.png 150w" sizes="(max-width: 2710px) 100vw, 2710px">
 <figcaption id="caption-attachment-172279" class="wp-caption-text">
 Arbitrum price chart | Tradingview
 </figcaption>
</figure>
Although ARB did not stay above $2 for long, its decline has been controlled compared to other altcoins, which have lost significant value in double digits. ARB trades at $1.87 at the time of writing, breathlessly awaiting a confirmed breakout above $2 to continue with its price discovery.
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The post <a href="https://coingape.com/markets/top-altcoins-price-prediction-jan-2024-buy-or-sell/" rel="noopener noreferrer nofollow">Top Altcoins Price Prediction Jan 2024: Buy or Sell</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Top Altcoins Price Prediction Jan 2024: Buy or Sell

Table of Contents

Coingape News Media

Other articles published on Jan 4, 2024

Bloomberg: Spot Bitcoin ETF is getting SEC approval no matter what

Why is crypto down today? Matrixport and other FUD

Bitcoin (BTC) Price Analysis for January 4

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Optimism in Cryptocurrency Markets as ETF Approval Anticipated

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