Can Bitcoin Price Hit $265k?
Happy Friday 👋
With market recovery, cryptocurrencies have jumped back to life. Bitcoin is above $62k and is expected to enter an accumulation phase. The market cap has once again surged to $2.3 trillion. Memecoins, with Dogecoin as their leader, have become strong candidates for an imminent bull rally.
With elections occurring worldwide, the crypto markets are now hopeful for leaders with at least a more lenient crypto policy.
Capturing the Crypto Market Pulse
Markets have turned bullish now, and sentiments are as strong as they should be in a bull market. Bitcoin has shed its bearish trend and is confidently trading above $60k. Several global and crypto-specific factors have played a key role in lifting market sentiments, such as ETF inflows, stable global interest rates, and an increase in demand.
Most cryptocurrencies are now trading with bullish momentum. Memecoin markets have started to perform again, signaling renewed interest. With the entire market anticipating an altcoin season, there has also been a significant increase in on-chain activity.
Global Market Overview
The Crypto Market Fear and Greed Index has improved greatly over the last week. Today, its sentiments have turned a bit more positive, with an index score of 66, due to bullish undercurrents in the crypto markets.
While market participants have turned bullish, experts are still predicting a sideways market for a while
Memecoins have started showing bullishness, with Dogecoin supposedly on the verge of a bull run similar to 2021. However, the same cannot be said for Bitcoin, which might remain under $70k for a few weeks as buying remains scattered.
Crypto market cap is at $2.33 trillion, with the last 24-hour volume at $65 billion. Bitcoin still dominates 53% of the market, but it is expected to fall if an altcoin season begins soon. Ethereum, which once dominated around 18% of the market, has now seen its share fall to about 15%
Market Watch
Bitcoin has recovered from a short correction. However, analysts say it still needs to come out of the accumulation phase before rallying again. CryptoQuant CEO Ki Young Ju has mentioned that the hashrate to market cap ratio indicates a bull rally. Analyst Crypto Caesar sees the formation of a strong and extremely bullish cup and handle pattern. Another analyst, PlanB sees Bitcoin beyond $500k by 2028.
Recommended by LinkedIn
With over 138 memecoins launched in April 2024 alone, the memecoin markets have become saturated. Analysts warn that this oversaturation might lead to a loss in investor wealth if they do not invest carefully. According to experts, investors should wait for memecoins to gain traction before investing.
The SEC vs Ripple lawsuit appears to be approaching its conclusion, marked by the SEC's submission of its final legal response. In this response, the SEC aims to curtail Ripple's future activities, purportedly to prevent potential securities violations, despite no proven transgressions by Ripple thus far. Ripple contends that the SEC's interpretation of the law is flawed and asserts the lawsuit lacks merit.
Top Crypto News
Analysts have predicted Bitcoin might rise to $250k by 2025, and users should consider dominant market narratives to take full benefit of the rally. The first narrative suggests that the bull market is already 37.1% complete, indicating that much of the rally is still ahead. The second narrative signals that the rally from here would be a slow grind, unlike what we saw in the recent past. The third narrative suggests that the main part of the rally might occur in 2025 rather than in the current year
Ahead of the US Presidential elections, scheduled for November 2024, Donald Trump has endorsed crypto. Trump is not only one of the top sellers of NFTs but also accepts crypto donations. Analysts also suggest that Donald Trump would be less stringent on crypto regulations compared to Joe Biden, who recently vetoed a bill allowing US banks to become crypto custodians
After Bitcoin and Ethereum, Solana might be the candidate for the third-largest crypto by market cap. The prediction comes from Franklin Templeton, one of the world's largest asset managers. Templeton shared a tweet predicting that, due to Solana’s robust DeFi ecosystem and scalability, Solana is on track to reach a price target of $247 soon. Additionally, Solana's development of DePIN would also be a key factor in boosting its market cap
Top Video of the Week
Dive into the future of the metaverse with Yat Siu, CEO of Animoca Brands, as he shares groundbreaking insights on NFT integration, Web3 development, and the transformative impact of blockchain gaming. In this exclusive interview, Yat Siu addresses key questions surrounding the evolution of the open metaverse, the role of NFTs in shaping digital property rights, and the challenges and opportunities of bridging traditional assets with blockchain technology.
That’s a wrap for today!