Bitcoin (BTC)

• The current price of Bitcoin is around $72,000 USD, near its all-time high.
• Bitcoin has seen a surge in price recently, rising over 70% year-to-date in 2024.
• The approval of spot Bitcoin ETFs in the U.S. in January 2024 has led to billions of dollars flowing into these ETFs, helping drive the price to record levels.
• Some analysts predict Bitcoin could reach as high as $1.5 million per coin by 2027.
• Bitcoin's market cap is currently around $1.4T USD, maintaining its position as the world's largest cryptocurrency.

Ethereum (ETH)

• Ethereum is currently trading around $3,900-$4,000 USD.
• The price has risen significantly in 2024, gaining over 75% year-to-date, catalyzed by hopes the SEC will approve a spot Ethereum ETF.
• However, the probability of the SEC approving an ETH ETF by May has dropped from over 70% to around 30% according to analysts. This has led to increased demand for ETH put options recently.
• Ethereum continues to undergo upgrades, with the upcoming Decun upgrade.
• Ethereum's Decun with proto-danksharding, is the biggest part of Decun lowering gas fees on L2s.
• Ethereum's market cap is nearly $500B USD currently, maintaining its position as the second largest cryptocurrency.

Bitcoin Boosted by Spot ETF Approvals

The price of Bitcoin has surged over 70% year-to-date in 2024, catalyzed by the approval of spot Bitcoin ETFs in the U.S. in January. The launch of these ETFs by major asset managers like BlackRock and Fidelity has led to billions of dollars flowing into Bitcoin, helping drive the price to record levels above $70,000 USD. Bitcoin has clearly had it's IPO moment, and the market is responding with a surge in demand.

Be sure to see our analysis of Bitcoin ETFs by Fee.

Some analysts predict Bitcoin could reach as high as $1.5M USD per coin by 2027. The upcoming Bitcoin halving in 2024, which will reduce the block reward for miners, is also seen as a bullish catalyst that could boost prices further. Bitcoin's market cap is currently around $1.4T USD as it maintains its position as the world's largest cryptocurrency.

Ethereum Eyes $4,000 and Beyond

Meanwhile, Ethereum has risen over 75% year-to-date, recently breaking above the key $4,000 USD level for the first time since 2021. The surge has been driven by anticipation of the upcoming Decun upgrade that has nine EIPs, including EIP-4844, or proto-danksharding, which is the biggest part of Decun lowering gas fees on L2s.

Excitement is also building around the potential for the SEC to approve spot Ethereum ETFs in May, following the success of the Bitcoin ETF launches. Analysts believe this could attract significant institutional inflows into Ethereum. Some predict Ethereum could rally to $8,000-$10,000 USD or higher later this year if these catalysts play out. Ethereum's market cap is nearly $500B USD as it holds the second place spot behind Bitcoin.

Crypto Market Outlook

The 2024 crypto bull market is being driven by a confluence of factors including the halving, ETF approvals, Ethereum upgrades, and an improving macro environment. After a rough 2022, crypto prices are recovering strongly.

Many see the institutionalization of crypto through products like ETFs and the enduring dominance of Bitcoin and Ethereum as major positives. Adoption continues to grow and upgrade momentum persists. After Bitcoin, Ethereum appears poised to follow its bigger brother to new all-time highs in the months ahead as the bull market progresses.

Cryptocurrencies are quickly becoming trused asset class. 2024 is shaping up to be a watershed year as the industry matures, major cryptocurrencies notch new milestones, and the virtual asset hubs make significant gains. Those who have held on through crypto winter are being rewarded as Bitcoin and Ethereum lead the charge in this new boom cycle for virtual assets.