CoinEx Research Institute has published its Macro Monthly Report for February 2024. Let’s look at the details of the report together…
CoinEx Research Institute has released its Macro Monthly Report for February 2024: Predicting Bitcoin Consolidation and Ethereum Outperformance!
CoinEx Research Institute has published its monthly crypto market analysis report for February 2024. The report evaluates Bitcoin’s rise in February following the approval of the first BTC ETF, but predicts that Bitcoin prices may enter a period of consolidation in March. At the same time, it underlines an outstanding performance for Ethereum and the potential for an uptrend in the ETH/BTC exchange rate.
The report believes that Bitcoin could enter a range period before the next halving event due to over-excitement from the Bitcoin ETF, record-high market leverage, and selling pressure from miners. On the other hand, with multiple bullish factors piling up for Ethereum, such as a possible Ether ETF approval, Duncan upgrade implementation, and reduced circulating supply from locked staking coins, ETH could lead the next market cycle in March.
CoinEx Research Institute expects overall crypto market sentiment to remain positive in March, but Bitcoin may take a break for a while as Ethereum becomes the next trending sector.
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