Kirill Khomyakov, head of the CEE and Central Asia region at Binance, provided his comments to the editorial board of Encrypted about bitcoin reaching an annual maximum and expressed his forecast for 2024.
The Rise of Bitcoin
Khomyakov noted that over the past 11 months, the first cryptocurrency has demonstrated an increase of 140%, which significantly influenced the general mood in the market.
As noted, on December 4, 2023, bitcoin reached the $42,000 mark, which was last seen in April 2022.
This led to an increase in the market capitalization of bitcoin to more than $809 billion, and the total capitalization of the entire cryptocurrency market reached $1.54 trillion. At the time of writing, bitcoin's market capitalization is $821 billion, according to TradingView data.
A Binance representative notes that the entire digital asset industry is monitoring requests for the creation of a spot bitcoin ETF in the United States. According to Khomyakov, the potential approval of these applications and the expected reduction in rates by the US Federal Reserve System stimulate interest in the cryptocurrency market.
What is a Bitcoin ETF and how does it affect the market?
In addition, the head of the CEE and Central Asia region at Binance reviewed in detail the technical aspects related to the movement of the bitcoin price. According to his analysis, the next resistance level for bitcoin will be $42,330, provided the "bullish trend" persists and despite the relatively low level of open interest.
"As a result, it is safe to say that current market conditions indicate significant potential for cryptocurrency growth in 2024. The expectation of a bitcoin ETF fuels excitement in the market and can probably lift both bitcoin and the entire cryptocurrency market to new heights," Kirill Khomyakov stressed.
In parallel with these statements by the head of the CEE and Central Asia region at Binance, the analytical department of the Binance cryptocurrency exchange published a monthly report on the cryptocurrency market.
The total market capitalization of the cryptocurrency industry has increased by 11% in the last 30 days. The most outstanding indicators in November 2023 were demonstrated by the SOL and LINK tokens. The first grew by 69%, the second by 29%.
Binance analysts also drew attention to the fact that transaction fees on the bitcoin network exceeded similar figures for Ethereum, which was the highest gap in the last two years. This, according to representatives of the exchange, indicates an increasing interest in the Bitcoin protocol and the activity of the first cryptocurrency on the network.