The cryptocurrency market has been performing excellently over the past few hours, and the prices of the coins could soar higher.
Bitcoin Surpasses The $47k Level
The cryptocurrency market is experiencing an excellent start to the new month. The total cryptocurrency market cap has reached the $2 trillion level again after the values of Bitcoin and numerous other altcoins have increased over the past few hours.
Bitcoin’s price is up by more than 10% over the past 24 hours. The leading cryptocurrency was struggling to trade above the $40k mark earlier this week as the bearish trend in the market thickens. However, Bitcoin’s performance over the past 48 hours has been excellent, surpassing the $45k mark to currently trading above $47k.
If Bitcoin and the broader cryptocurrency market can maintain this current momentum, then BTC could be trading above the $50k mark over the coming hours or days. It would be less than 30% down from its all-time high position of nearly $65k.
Despite the bearish sentiment that gripped the market in recent months, some analysts were optimistic that Bitcoin would resume its rally before the end of the year. Some have predicted that BTC’s price could touch $100k over the coming 2-3 months. For Bitcoin to reach $100k, its price has to double from its current trading value.
Bitcoin and the broader cryptocurrency market have been gaining more retail and institutional investors despite the existing market conditions. More institutional investors, such as MicroStrategy, were buying more bitcoins. Thus, indicating that they were bullish on its price. In the coming days, Bitcoin could surpass the $50k mark if the current market condition persists.
Altcoins Are Not Left Behind
The cryptocurrency market’s rally is not only limited to Bitcoin but with numerous other cryptocurrencies also rallying at the moment. Ether, the leading altcoin in the world, is trading above $3,200 after the cryptocurrency’s price rose by more than 9% in the past 24 hours.
Binance Coin (BNB), Polkadot (DOT) and Solana (SOL) are all up two-digit percentages following the latest market rally. Dogecoin, XRP and Cardano (ADA) are also rallying as most of the cryptocurrencies recover some of their recent losses.