"The quality of decisions depends on the information you have and your ability to process that information. — Ray Dalio, Founder of Bridgewater Associates — (Principles)"
The new year has brought a new recovery for the cryptocurrency market. Buying interest has begun to flow back, and although Bitcoin's price dropped below $92,000 during the Christmas holidays, it has now rebounded to close to $97,000. The price has rebounded and exceeded the previously mentioned "key level of $97,200 bullish resistance, short-term bullish trend restored."
The market value of Bitcoin has reached $1.93 trillion and is expected to return to a market value of $2 trillion.
Currently, many altcoins are also showing strong upward potential, with Bitcoin's market share in the cryptocurrency market declining to 56.8%, indicating that altcoins have seen more significant gains, and funds are starting to overflow into other cryptocurrencies.
However, the broader altcoin market has failed to recover. The altcoin index remains at 47, roughly the same level as last Friday (49).
The Cryptocurrency Fear and Greed Index has successfully rebounded to above 60 this week after falling to 54 last Friday. Although the rebound is small, it has boosted the confidence of market participants.
As of now, Bitcoin has been around for 16 years! However, I believe that in comparison to future developments, Bitcoin's achievements to date are still insignificant.
Note: All content represents the author's personal views and is not investment advice and should not be interpreted as tax, accounting, legal, business, financial, or regulatory advice in any way. You should seek independent legal and financial advice before making any investment decisions, including advice regarding tax consequences.
