Summary
Bitcoin and Ether prices surged, with Bitcoin surpassing $53,000 and Ether breaking $3,100. Weekend trading activity for Bitcoin has been declining, suggesting worsening liquidity conditions. Analysts believe Bitcoin could reach $63,000 by March 2024. Ether’s rally still has momentum, with daily trading volume exceeding $5 billion in February. Investors are turning to “safe haven” assets like Bitcoin and gold due to macroeconomic conditions. Stocks posted modest gains, but a potential government shutdown looms. The Core PCE Price Index release on Thursday will be a key metric for traders to watch regarding inflation.
Key Points
1. Bitcoin surged above $53,000 for the first time since November 2021, while ether broke through $3,000 for the first time since April 2022.
2. Weekend trading activity for bitcoin has been on the decline, dropping from 24% in 2018 to 17% in 2023, according to data from Kaiko.
3. Analysts from Matrixport maintain a bitcoin price target of $63,000 by March 2024, citing historical trends and the upcoming halving cycle.