- Fidelity Digital Assets’ recent report delves into the performance of Bitcoin and Ethereum in the first quarter of 2024.
- Bitcoin’s upcoming halving and Ethereum’s Deneb-Cancun upgrade have significantly shaped the crypto landscape.
- “Despite selling pressure, the short-term outlook for both Bitcoin and Ethereum remains positive,” states the Fidelity report.
Learn about the key factors influencing Bitcoin and Ethereum prices, including network upgrades, halving events, and insights from Fidelity’s in-depth analysis.
Bitcoin Trades at ‘Fair’ Value, Ethereum Benefits from Upgrade
Fidelity Digital Assets’ Q1 2024 Signals Report offers a comprehensive analysis of Bitcoin (BTC) and Ethereum (ETH). The report notes that Bitcoin’s halving and Ethereum’s Deneb-Cancun upgrade are playing crucial roles in market dynamics. While both cryptocurrencies had impressive starts to the year, recent weeks have seen some retracement.
Bitcoin’s Halving and Selling Pressure
Bitcoin’s strong start to 2024 has been tempered by recent selling pressure. Fidelity suggests this could be due to miners taking profits in anticipation of the 2024 halving. Despite this, the outlook remains positive, with BTC trading above its 200-day moving average and the bullish ‘golden cross’ pattern formed in late 2023.
Ethereum’s Positive Momentum Post-Upgrade
Ethereum’s Deneb-Cancun upgrade has revitalized the network, with positive price signals and growing on-chain metrics. The network’s deflationary trend, increased validator participation, and Layer 2 adoption further solidify ETH’s long-term potential.
Conclusion
Fidelity’s report offers valuable insights into the evolving cryptocurrency market. Bitcoin’s approaching halving and Ethereum’s successful upgrade are shaping investor sentiment and network fundamentals. While short-term fluctuations are expected, the outlook for both BTC and ETH remains promising for investors with a long-term perspective.
