Bitcoin dominates FY24 with over 150% surge, outpacing traditional markets

At the start of FY 2023-24, Bitcoin was trading around $28,500. By the arrival of March 2024, its value had soared to an impressive $73,750.

FY24 began on a positive note for cryptocurrencies, witnessing market recovery since the start of 2023 and numerous positive developments in the space. Momentum accelerated in January 2024 with the approval of Spot Bitcoin ETFs. As FY24 drew to a close, the crypto market experienced heightened activity, with Bitcoin reaching a new all-time high (~$74,000), signaling the start of a robust bull run, according to Edul Patel, CEO of Mudrex.

Reflecting on crypto performance in FY24, Avinash Shekar, Co-founder & CEO of Pi42, stated, "2023 can be called the year of crypto rebound, witnessing significant recovery despite the challenging crypto winter. Our country also emerged as one of the top crypto markets despite regulatory and tax challenges." He emphasized the rise of new investors following the approval of BTC ETFs.

Meanwhile, for the coming months, he recommended investors to have a clear strategy planned to avoid succumbing to FOMO. Buying slowly and steadily rather than investing all their money at once would be advisable.

Looking ahead to FY25, Nischal Shetty, Founder at WazirX, anticipated promising developments, including the impact of Bitcoin halving on prices and expected regulations from G20 nations. Kumar Gaurav, Founder & CEO of Cashaa, highlighted factors such as global economic improvements and potential decreases in inflation that could affect Bitcoin's environment in FY2025.

Sumit Gupta, co-founder of CoinDCX, said, "Looking ahead to FY 2024-2025, institutional endorsement and regulatory clarity are expected to be key drivers of further growth in the Indian crypto landscape."

"The Indian crypto sector has urged the government to implement significant measures, including a reduction in the TDS rate from 1% to 0.01% and aligning the income tax rate as applicable to other asset classes. These changes have the power to inject renewed vigor into the sector, fostering growth and innovation in India's crypto landscape," Gupta said.

Regarding the FY25 target price of BTC, Shivam Thakral, CEO of BuyUcoin, said, With institutional investors increasingly entering the crypto market, there's high anticipation for FY25 to be a monumental year for Bitcoin. The approval of Bitcoin products by regulatory authorities around the world has further bolstered confidence in the legitimacy and potential of the largest cryptocurrency. Given these developments, it's highly probable for Bitcoin to surge to new highs which could range from $130,000 to $150,000.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

Source: Forex-Markets-Economic Times