The Crypto Update for Jan 2024: The Year of the Dragon with Bitcoin on Wall Street

Chinese year of the dragon and the year that Bitcoin takes Wall Street

Happy New Year! As we step into 2024, let's take a moment to reflect on the last month in the cryptocurrency market. As the Boston puppies have been holidaying on beaches rather than writing six-page market summaries, here's just a quick overview.

Bitcoin Powers On:

Despite still facing regulatory uncertainties and market fluctuations, Bitcoin showcased its resilience by maintaining a steady course. The OG cryptocurrency continues to serve as a robust store of value in times of economic uncertainty.

As we write this, we are days away from a spot Bitcoin ETF approval by the SEC. If you don’t know what those words or acronyms mean, do not worry. It’s all good.

In a nutshell, for the past 15 years, any nerd with a seedphrase and a smartphone or PC has been able to buy crypto. Big institutions such as banks, pension funds, super funds, and hedge funds have not been able to buy crypto, as they were only set up to buy stocks.

A Bitcoin ETF (exchange-traded fund) means that bigger institutions will be able to buy crypto, just as if it were a normal stock on the stock market. This increased buying ability does not guarantee that they will definitely buy, but it means that, for the first time ever, they can.

We compare it to the olden days when people could only buy bars of gold or gold coins and had to take delivery of the heavy asset. The price slowly increased over time, but nothing much exciting happened until a gold ETF was approved.

With an ETF, for the first time, large institutional investors could invest in gold as easily as clicking a button to buy stocks. After the gold ETF was launched in the USA, the gold price basically tripled and has never come back down.

We cannot guarantee that the price of Bitcoin will triple; we cannot even predict that it will rise or fall by 10%, but having an ETF and institutional Wall Street investors brings legitimacy to cryptocurrency that has never been there before.

The interesting part is that we will likely see a spot Bitcoin ETF approved in the US before there is even any crypto legislation in the USA. Several other countries have enacted legislation to legitimize cryptocurrency as an asset, commodity, or currency.

There are regulations around tax and asset protection for crypto in many nations, but the USA has been slow to define any meaningful laws as yet. We guess they will have to move fast, and things may get broken in the process. It is possible that some crypto projects that are seen to be compliant will increase massively in value, whilst others that are seen to be non-compliant may plummet. Exciting times are ahead.

Altcoin Adventures:

Altcoins had their own rollercoaster ride in December. From Ethereum's network upgrades to the exciting developments in decentralized finance (DeFi), it's clear that innovation remains at the heart of the cryptocurrency space. As we navigate through the diverse altcoin landscape, strategic investments in promising projects prove crucial for long-term success.

Despite the Binance CEO stepping down and Binance being fined $4 billion for inadequate KYC, Binance Coin (BNB) has maintained its position as a key player, driven by the success of the Binance Smart Chain and various ecosystem developments. Even after all the bad press, BNB ended the year slightly higher.

Old-school ETH alternative Solana (SOL) made headlines with its robust blockchain and adoption in decentralized applications (DApps). The native SOL coin in our DARTcoin portfolio ended the year up 964%, and it was not even the star performer!

Honorable mentions go to Fantom and ThorChain, up 241% and 398%, respectively. The overall portfolio champion was Render, up 1058% for the year.

While the altcoin market offers exciting possibilities, it is important to approach it with a strategic mindset. Diversification, staying informed about project developments, and adjusting the portfolio accordingly remain key principles in navigating the ever-evolving landscape of alternative cryptocurrencies.

The cryptocurrency market is dynamic, and its fluctuations provide both challenges and opportunities for newbies as well as for experienced investors. We monitor key updates and consider portfolio adjustments based on the ongoing developments in this fast-paced environment.

After what we assume will be a successful Bitcoin ETF launch, there are already plans in place for an Ethereum ETF and an XRP ETF, so we may see more altcoin projects become legitimate Wall Street investments very soon. Whilst this is exciting in the short term, remember that with institutional investment comes institutional behavior.

It is possible that markets may be manipulated by large players with trillions of dollars to invest, and it is also possible that price action may be significantly less exciting than it has been in the past. Over the last decade, crypto markets have seen rises of 1000+% (and massive crashes of 99% or more) whilst stock markets have been tamer with fluctuations of 10-30%. The future of crypto in the next decade may be more reliable and less exciting; you have been warned 😊

DeFi Dazzles:

Decentralized finance continued to dazzle with its groundbreaking solutions. From lending and borrowing platforms to decentralized exchanges, the DeFi ecosystem is evolving at a rapid pace. Staying informed about these developments is key for those looking to capitalize on the transformative potential of decentralized finance.

For those who have time and wish to dive deeply into some of the projects, we continue to provide updates on dozens of altcoins at www.Cryllionaire.com.

Looking Ahead:

As we step into the exciting unknown of 2024, Boston Trading Co. remains committed to guiding you through the ever-changing currents of the cryptocurrency market. Stay informed, stay diversified, and like all good puppies, keep your eye on the ball 😊

Wishing you a prosperous and crypto-filled 2024!

Dec 30 2023

BOS NAV AUD 86.9894211787

BOS Price AUD 95.6883632966

BOS NAV USD 59.1568039193

BOS Price USD 65.0724843112

Dec 30, 2023

DART NAV AUD 187.51826

DART Price AUD 206.27009

DART NAV USD  125.80816

DART Price USD 138.38764

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