With Bitcoin (BTC) continuing to hover around the $80,000 level, some predict that BTC could follow gold's upward trend this year. Expectations are building, with prediction markets also pointing to BTC as the asset with the highest returns next year.
According to CoinMarketCap, a global cryptocurrency market monitoring site, as of 8:00 AM on the 31st, BTC was trading at $88,329.57, up 1.25% from the previous 24 hours. Ethereum (ETH) rose 1.05% to $2,965.54. Binance Coin (BNB) rose 0.88% to $860.43, and XRP rose 0.99% to $1.87.
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The domestic market is showing a similar trend. On Bithumb, a domestic cryptocurrency exchange, BTC is trading at 128.39 million won, up 0.86% from the previous 24 hours. ETH is up 0.68% at 4.31 million won, and XRP is up 0.63% at 2,718 won.
With BTC continuing its long-term sideways trend in the $80,000 range, some predict that BTC could follow gold's surge next year. Louis Arland, portfolio manager at Re7 Capital, analyzed, "Gold has so far outpaced BTC by approximately 26 weeks," adding, "Last summer's gold correction mirrors the current stagnation of BTC." This perspective is also being reflected in prediction markets. Blockchain-based prediction platform Polymarkets predicts that BTC will deliver the highest returns next year with a 40% probability, followed by gold with a 33% probability, and the stock market with a 25% probability.
Ki-Young Joo, CEO of Crypto.com, also said through X, “Currently, whales are accumulating in the BTC spot market, while the futures market is a place for long and short speculation by individual investors.” He also diagnosed, “As whales’ spot purchases and individuals’ futures gambling occur simultaneously, trading will become active, and after excessive leveraged positions are liquidated, an upward trend may appear.”
Cryptocurrency investor sentiment remains at a state of "extreme fear." The fear and greed index from cryptocurrency data analysis firm Alternative.me fell one point from the previous day to 23 points. A reading closer to zero indicates a weakened investor sentiment, while a reading closer to 100 indicates overheated markets.
- Reporter Kim Jeong-woo
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