Is Your Crypto Portfolio Ready for the Slithering Surprises of 2024? 🐍💰

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What to know:

  • The CoinDesk 20 (CD20) and bitcoin (BTC) had a roaring good time during the Year of the Dragon, but will they slither smoothly into the Year of the Snake? 🐉➡️🐍
  • CLSA, a brokerage from the land of dim sum and skyscrapers, predicts a year that will twist and turn more than a snake in a sock drawer. 🧦🐍

As East Asia prepares to shut down for the Lunar New Year holiday (because who doesn’t love a good holiday?), it’s time to reflect on bitcoin (BTC) and the CoinDesk 20 (CD20)’s escapades during the Year of the Dragon. 🐉✨

Now, CLSA has this delightful annual tradition of forecasting market performance based on the lunar cycle. With a sprinkle of magic and a dash of wishful thinking, it’s just as applicable to crypto as it is to traditional markets. Who knew the moon had such a knack for finance? 🌙💸

Looking back, the market wizards were spot on! Bitcoin is up a staggering 137%, while the CoinDesk 20 (CD20), that index tracking the biggest digital assets, is up a respectable 128%. This crypto fiesta was largely thanks to the election of U.S. President Donald Trump last November, which, according to the stargazers, was a recipe for volatility followed by a rally. Who knew politics could be so profitable? 🎉📈

However, the only area where the crystal ball got a bit foggy was with ether’s (ETH) performance. Analysts were all aflutter about ether exchange-traded funds (ETFs) and the Dencun upgrade to the Ethereum protocol, hoping the dragon energy would set the second-largest digital asset ablaze. 🔥 But alas, it seems the fire was more of a flicker, with ETH only managing a 35% rise. Talk about a damp squib! 💨

Now, as we slither into the Year of the Snake, CLSA warns us that the market is in for some unpredictable twists, much like a snake trying to navigate a hedge maze. 🐍🌀

The year kicks off with cautious optimism, as liquidity-driven modest gains mirror the Rough Green Snake climbing into trees for a better view. Just don’t look down! 🌳😬

But beware! Youthful volatility, akin to a Garter Snake testing its limits, may bring some temporary tumbles in early spring. By mid-year, the fiery energy of the Brown Tree Snake suggests a potential surge, lifting markets to heights not seen since the last time someone thought it was a good idea to invest in Beanie Babies. 📈🐍

Summer, however, is predicted to be a bit of a snooze-fest, while autumn may bring minor setbacks. But fear not! The year is set to end with renewed momentum and a steady rise, showcasing crypto’s resilience and adaptability in a market that’s more volatile than a cat on a hot tin roof. 🐱🔥

Of course, CLSA also reminds us to seek professional advice, not the guidance of the stars, before investing. After all, their market predictions based on heavenly guidance don’t count as a research report. So, maybe don’t take financial advice from your horoscope, eh? 🌌💼

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2025-01-27 15:44