Bitcoin, as per Indices data, maintained a stable performance as East Asian nations entered the final working days leading up to the Lunar New Year holiday.
East Asia is gearing up to usher in the year of the dragon, an auspicious symbol associated with luck and prosperity in the Chinese Zodiac.
In contrast to the Year of the Rabbit’s predicted market calmness by CLSA last year, 2023 proved to be dynamic, with Bitcoin surging by almost 94% and Ethereum ($ETH) rising by 47%.
While Ethereum lagged in 2023, Daniel Wang, Taiko’s co-founder and CEO, sees potential for Ethereum’s price surge in 2024, citing the auspicious energy of the Year of the Dragon and the anticipated impact of ETFs. He mentioned Ethereum’s progress towards lower gas fees and faster transactions with the awaited Dencun upgrade.
Lucy Hu, Senior Analyst at Metalpha, is optimistic about Bitcoin’s prospects, citing the upcoming halving and inflation control as positive factors.
“Despite the current sell-the-news effect in the crypto market, the Year of the Dragon is poised to be one of the best-performing, with inflation under control and the Bitcoin halving event later this year boosting market confidence,” Hu noted.
CLSA, in a recent report, predicts a revival of equity markets in the city in the second half of the year but acknowledges potential market volatility. They caution investors about the unpredictable journey, stating, “Traversing this market on the dragon’s back is anything but a smooth sailing experience,” and advise seeking professional advice over relying on astrological guidance.
