Crypto Market Soars in Q1, Bitcoin and Ethereum Lead the Charge

In March, Bitcoin and Ethereum concluded with positive performances, closing at $71,333 and $3,647, respectively, indicating gains of 16.62% and 9.40%. The crypto asset market is anticipated to be closely watched in April as the Bitcoin Halving event approaches, which has historically coincided with an average 27% Bitcoin increase in the second quarter since 2013.

Bitcoin and Ethereum Surge in March, Signifying a Positive First Quarter for Crypto Market

Jakarta, March 31, 2024 - Bitcoin and Ethereum, the two leading cryptocurrencies, concluded March on a strong note, showcasing impressive gains that set the stage for a potentially bullish future.

Bitcoin's Stellar Performance

Bitcoin surged by 16.62% in March, closing the month at $71,333, an equivalent value of Rp1.13 billion. This surge is attributed to the approval of the Bitcoin Exchange-Traded Fund (ETF) on January 10, 2024, which has opened up the cryptocurrency market to new traditional investments.

The positive sentiment surrounding Bitcoin was further evidenced by its successful achievement of a new high of $73,750, eclipsing the previous peak of $69,000 recorded in 2021.

Ethereum's Impressive Gains

Ethereum (ETH) mirrored Bitcoin's positive performance, closing March at $3,647, approximately Rp58 million. This translates to a 9.40% increase from the previous month.

A Robust First Quarter for Cryptocurrency

The month of March marked the end of the first quarter of 2024, with Bitcoin posting an impressive 68.68% gain for the period. Ethereum closed the first quarter with an equally strong performance, recording a 59.66% increase.

Financial Expert Panji Yudha attributed the strong showing of Bitcoin and Ethereum to the surge of traditional investment stimulated by the approval of the Bitcoin ETF.

Bitcoin's Upcoming Halving

The cryptocurrency market is expected to remain in the spotlight in April as the Bitcoin Halving event approaches. According to the Bitcoin Halving Countdown at Coinecko, the halving is projected to occur on or around April 20, 2024.

Historically, Bitcoin has exhibited a tendency to increase in value during the second quarter following a halving event. In the 2013-2023 period, Bitcoin averaged a 27% gain in Q2.

Potential for Further Growth

Panji Yudha anticipates that Bitcoin may experience a temporary dip in value toward its support area before resuming its bullish trajectory and closing the second quarter on a positive note.

Long-term projections for Bitcoin remain optimistic, with experts predicting a potential close above $73,000 by the end of 2024. This projection is supported by historical data from past halving events in 2012, 2016, and 2020.