Bitcoin is stable above $52,000 — AI-related tokens are doing well with the launch of OpenAI “Sora”.
Bitcoin remained strong, while Ethereum rose more than 5% as investors bet on ETF approval in the coming months.
AI-related tokens have soared as OpenAI’s launch of Sora sparks new expectations for growth in the sector.
Bitcoin (BTC) price remained largely unchanged throughout the weekend, hovering around $52,000 despite relatively low trading volume compared to weekdays.
These price movements are consistent with recent trends of lower weekend volatility following the launch of Bitcoin exchange-traded funds (ETFs) in the US in January, suggesting a shift in the structure of the Bitcoin trading market. It looks like this:
However, other major tokens such as Ethereum (ETH) and Polygon (MATIC) have shown strong gains, rising more than 5% since Friday. ETH appears to have risen as expectations for an ETF that provides an environment for US investors to invest in ETH increase. Meanwhile, the CoinDesk 20 Index (CD20), the largest and most liquid cryptocurrency benchmark, rose 2.68% over the past 24 hours.
OpenAI, an artificial intelligence (AI)-related token technology company such as World Coin (WLD), Fetch AI (FET), Bittenso (TAO), and Sleepless AI (AI), has launched a text-to-video converter called ‘Sora’. was revealed. The sector as a whole rallied, up 10%.
Meanwhile, some market observers are predicting Bitcoin’s near-term level at $55,000 and its long-term level at $70,000.
“Bitcoin is nearing its peak and will target $55,000 in the coming weeks,” Ed Hindi, chief investment officer at Tyr Capital, said in an email to CoinDesk. “We expect Bitcoin to hit an all-time high in 2024 and eventually reach $70,000.”
However, Hindy added that Ethereum is likely to become very popular in the coming months due to its upside potential and investment opportunities.
“The real hype will be around Ethereum. With the possible introduction of an Ethereum spot ETF in the US and growing global demand for DeFi, $5,000 for ETH in 2024 is realistic. They are more likely to be targeted,” Hindy said.
｜Translation: CoinDesk JAPAN ｜Editor: Toshihiko Inoue ｜Image: Shutterstock ｜Original article: Bitcoin stabilizes above $52K; Traders are targeting $55K in the near term.
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