Bitcoin Reaches New Milestone
The price of Bitcoin (BTC) surged past the $65,000 milestone during the early hours of Monday in Europe, making significant strides towards its previous record of $69,000 achieved in November 2021. According to data from CoinMarketCap, BTC experienced a remarkable increase of over 5% in the past 24 hours. The leading cryptocurrency is up more than 26% over the past week and 52% over the past month, coming close to its all-time high (ATH).
Rally in the Crypto Market
Similarly, the CD20 index, encompassing a diverse range of tokens, witnessed a 5.6% rise within the same timeframe. The broader crypto market rallied alongside Bitcoin. Ethereum (ETH), the second-largest cryptocurrency by market cap, crossed the $3,500 mark with a gain of more than 3% over the past day. Furthermore, meme coins like Pepecoin (PEPE) saw significant price surges, with Pepecoin leading the charge by soaring as much as 60% in the past 24 hours.
As per CoinGecko data, trading volumes for frog-themed tokens, including Pepecoin, reached all-time highs of $3.6 billion. This surge in trading activity can be linked to a risk-on environment prompting investors to place larger bets on altcoins and meme coins. Pepecoin’s notable gains have outpaced other meme tokens like shiba inu (SHIB) and dogecoin, despite ecosystem upgrades by the developers of these tokens.
“What makes Pepecoin’s gains particularly notable is that they have outpaced other meme tokens like shiba inu (SHIB) and dogecoin, despite the introduction of ecosystem upgrades by the developers of these tokens.”
Analysts predict further growth in Bitcoin’s price. A report from Matrixport forecasts a target of $63,000 by March 2024, citing key catalysts such as the approval of spot Bitcoin ETFs, upcoming halving event, and interest rate cuts. Bitwise Chief Investment Officer, Matt Hougan, expects Bitcoin to exceed $80,000 this year due to the success of spot ETFs and increasing institutional interest.
Additionally, analysts at investment firm Bernstein anticipate Bitcoin to surpass its previous all-time high and potentially reach $70,000 in the near future. They express confidence in the cryptocurrency’s risk-reward profile, foreseeing no significant obstacles hindering its upward trajectory.
