In recent days, the major coins have been up with BNB, Solana, XRP, Dogecoin, Cardano, and ShibaInu up by as much as 7 per cent. Bitcoin marks time in the market with a market cap of $1.364 trillion. But the trading volume jumped 71.5 per cent to $23.56 billion. Bitcoin also breached the $69,000 asking to hit a three-month peak. It isn’t a complete mystery why this is happening. There is a looming possibility of a U.S presidential election with predictions that the man most likely likely to win is former president Donald Trump. Reflective of the wild days of the 2017 run, Trump’s pro-crypto stance might further entrench a bull run in the cryptocurrency market. If Trump comes back, he will immediately know what to do to infuse more life in the cryptocurrency market.
Bitcoin was up 1.2 per cent to $69,045 as of the time of this report, while Ethereum rose 3.4 per cent to $2,732. If it keeps this up, Bitcoin could rally to a $72,000 target, according to financial experts. But there’s a bearish outlook that a sell-off that brings Bitcoin below $66,500 support level could signal. Meanwhile, Ether is a strong crypto as well, and if it maintains current momentum, the crypto could possibly hit $2,850 unless its current bullish trend reverses with a drop below its 20-day average. Other cryptos have also experienced strong growth, and this further strengthens the currently bullish crypto outlook.
Even with all these bullish trends and rising market caps, the financial community is watching closely. If Bitcoin manages to break through $70,000 it could continue to set new all-time highs, indicating a potential extended bull run for the world’s leading cryptocurrency. The latest political furore, combined with speculation over the use of cryptocurrencies to pay off national debt, all contribute to the hype surrounding the future of the crypto market.
Source: Economic Times
