BTC Price Index and Live Chart – CoinDesk”>(BTC) traded flat, hovering over $42,000 early Monday, while the CoinDesk 20 Index CD20 is down 0.75% at 1,643, according to CoinDesk Indices data, as nations in East Asia count down the last working days before the Lunar New Year holiday.

In the coming days, East Asia celebrates the beginning of the Year of the Dragon, one of the most fortunate and prosperous animals of the Chinese Zodiac.

(CoinDesk Indices)

In January of last year CLSA, an Hong Kong-based brokerage, forecasted that 2023 would see a market with fluctuations. They attributed a calmer outlook for the Year of the Rabbit and advised investors to be cautious when venturing beyond their comfort zone. ETH Price Index and Live Chart – CoinDesk”>(ETH) rising 47%.

According to a analysis conducted by CoinDesk Indices the CoinDesk Market Index has outperformed S&P 500 by five times, thanks largely to bitcoin’s performance.

Daniel Wang, co-founder of Taiko and CEO, sees ether’s performance as a potential in 2024, an “auspicious” year with a lot of positive energy.

In an interview with CoinDesk, he stated that “the Year of the Dragon is a new opportunity for Ethereum. This is especially true with the anticipated effect of ETFs.” “Ethereum will achieve lower gas costs and faster transactions thanks to the long-awaited Dencun update.”

Lucy Hu, Senior Analyst at Metalpha says that the halving of bitcoin and the taming of inflation look promising for prices.

She wrote that despite the fact that the crypto market is currently experiencing a “sell-the-news” effect, this year’s year of Dragon will be one of its best performers, as inflation is under control, and the bitcoin halving is scheduled for later in the year. This should increase the confidence of the market. “We hope that the Dragon’s fiery spirit can take the market to new heights never seen before.”

In a recent report , CLSA stated that they believe that the equity markets will come back to life during the second half.

Some market volatility can be expected. CLSA analysts have written that “Traversing the market on the back of a dragon is not a pleasant experience.” “Roller coasters may be nailed into the ground, but the Dragon is not.”

CLSA reminds readers that they should seek professional advice before investing, and not rely on the stars.

Parikshit Miishra is the editor.