Bitcoin value surged above $48,000 on Feb. 9 and once more on Feb. 11. Historic market developments recommend Tremendous Bowl LVIII will additional intensify investor curiosity in BTC.
The affinity between Bitcoin and the Nationwide Soccer League (NFL) Tremendous Bowl emerged in 2022 when firms like FTX and Coinbase positioned landmark advert campaigns introducing cryptocurrencies to a teeming world viewers.
Historic knowledge developments recommend that with the company curiosity generated by the latest BTC spot ETF approval, Tremendous Bowl 2024 may affect Bitcoin and different cryptocurrency’s costs.
Will BTC go up after Tremendous Bowl 2024?
Bitcoin and cryptocurrency costs look set to witness important value swings because of the Tremendous Bowl 2024 occasion. In response to official knowledge from the NFL, roughly 200 million viewers — 60% of all individuals within the U.S. — watched the 2023 Tremendous Bowl, making it the second most-watched sporting occasion on the earth, behind the FIFA World Cup.
In 2022, Bitcoin made its massive debut on the Tremendous Bowl, with a retinue of crypto adverts that includes A-list celebrities. FTX drew skepticism for its advert that includes the likes of Steph Curry, Naomi Osaka, Tom Brady and Larry David. Its 7.54 BTC giveaway value $317,000 in market worth additionally raised eyebrows.
Whether or not the rising spate of crypto adverts throughout landmark sporting occasions has elevated public curiosity in crypto is anybody’s guess. Nonetheless, historic knowledge exhibits that Bitcoin value has shaped a conspicuous sample round every Tremendous Bowl occasion since 2022.
The chart beneath illustrates BTC value motion and enormous traders’ buying and selling exercise earlier than and after the final two Tremendous Bowls.
The chart above exhibits a strikingly conspicuous sample. In 2022, crypto whales entered a shopping for spree as crypto firms like FTX and Coinbase ran viral adverts within the buildup to the principle occasion.
In impact, BTC value rose 22% between the final week of January to the Tremendous Bowl date on Feb. 13, 2022. Curiously, the Bitcoin costs started to say no because the euphoria surrounding the occasion wore off. Between Feb. 15 and Feb. 23, 2023, BTC tanked 17%.
Forward of the 2023 Tremendous Bowl, this sample reared its head once more. Bitcoin value rallied 18% between Jan. 18, 2023, and the Feb. 13 Tremendous Bowl date. This was additionally rapidly adopted by a 17% correction between Feb. 20 and March 10, 2023.
If this conspicuous historic sample repeats, BTC holders can count on the 24% value rally from Jan 23 2024 to be adopted by a pullback after the Tremendous Bowl 2024.
Except for value projections, betting and commercials are different main ways in which the Tremendous Bowl is anticipated to affect the cryptocurrency world.
Crypto commercials throughout Tremendous Bowl 2024
Because of colourful half-time musical performances, the Tremendous Bowl has turn into a giant hit outdoors North America over time, making it a holy grail for company entities jostling for coveted advert placements.
In 2022, FTX wasn’t the one crypto-related agency with a viral advert. Coinbase launched a 60-second advert that includes a floating and colourful QR code that directed the viewers to a hyperlink providing $15 in Bitcoin to those that join a Coinbase account earlier than Feb. 15.
The advert proved so fashionable that the app ultimately crashed.
Because of a biting crypto winter, crypto commercials had been scarce throughout final yr’s Tremendous Bowl. That might change in 2024. With the latest approval of the Bitcoin spot ETFs within the U.S., public curiosity has grown much more.
The place to guess on the Tremendous Bowl with Bitcoin?
Stake.com, Cloudbet, Rocketpot and Fairspin are among the many extra fashionable playing platforms the place customers can place bets on this yr’s Tremendous Bowl utilizing Bitcoin and different cryptocurrencies.
Because of the proliferation of GambleFi, customers can place bets utilizing Bitcoin, altcoins or fiat via numerous types of blockchain know-how options.
The time period GambleFi covers a variety of decentralized playing platforms from accepting cryptocurrency-denominated bets to leveraging good contracts to make sure equity, transparency, and safety within the playing business.
In response to consumer “cryptokoryo” on Dune analytics, the overall quantity GambleFi customers on the Arbitrum Layer-2 community has elevated by an astonishing 2,200% between March 2023 and February 2024.
This determine may develop additional if the Tremendous Bowl additional bolsters public curiosity in GambleFi.
What cryptocurrencies to purchase after the Tremendous Bowl?
In response to an business survey, an estimated $23.1 billion might be wagered on Tremendous Bowl LVIII. That’s up from $16 billion final yr.
And through massive sporting occasions just like the Tremendous Bowl, Bitcoin and different giant mega-cap Layer-1 cryptocurrencies like Ethereum (ETH), Ripple (XRP), Solana (SOL) usually appeal to essentially the most consideration.
If the crypto GambleFi sector captures a fraction of this worth, tokens like Casinocoin (CSC), WINk (WIN) and FUNToken (FUN) might be in for optimistic value motion. See beneath.
In abstract, historic knowledge exhibits that Bitcoin has loved a double-digit value rally within the weeks main as much as the final two Tremendous Bowls, however subsequently entered a pullback.
A repeat of that sample may see the BTC value drop properly beneath $40,000 within the weeks forward.
