DIGIVESTASI - Bitcoin (BTC) and most major cryptocurrencies registered a small rally ahead of Confucius Li's 2575 Lunar New Year celebration. The largest coin by market capitalization, BTC, is worth $47,259 per coin, based on Coinmarketcap data as of today's trading at 19:30 (GMT).

It has gained 9.44% during the trading week and increased 5.76% compared to yesterday. Separately, Ethereum also rose 3.67% today to $2,507 per coin and a market capitalization of $301.38 billion. Stablecoins USDT and USDC followed suit, up 0.02% each. The cryptocurrency Solana (SOL) then rose 4.83% today to $106.09 per coin. Cardano (ADA) also rose 2.49% to $0.54 per coin. 

Later, the Shiba Inu meme coin and Dogecoin also went up. SHIB is up 2.84% today and DOGE is up 2.48%. Earlier, Tokocrypto trader Fyqieh Fakhrur told Business News that those celebrating usually need cash for Chinese New Year festivities and withdraw cash from investment accounts containing cryptocurrencies. Although the likelihood of a decline remains large, by 2024 there may be a difference in the behavior of Bitcoin and the crypto market as a whole.

According to the data, the price of Bitcoin in 2020 was $8,360, just in time for the Chinese New Year celebrations. A month after the Lunar New Year celebration, the price of Bitcoin rose 11.5% to $9,323. "We expect there to be an upward trend in 2024 after Chinese New Year," Fikier said in an official statement. In addition, Fyqieh said the cryptocurrency market seemed excited about the Year of the Dragon celebrations.

Previous predictions showed caution due to expected volatility ahead of the halving, which could raise expectations of Bitcoin's outstanding performance. "If you buy Bitcoin at the end of the first day of Chinese New Year and sell it 10 business days later, the average return is +9%, with positive returns over the past 8 years (2015-2023)."