The crypto market is currently locked into an aggressive bull run that has seen plenty of coins hit all-time highs. We’re talking mainly about Bitcoin’s continued rise. Early on Tuesday, Bitcoin rose to $68,000 for a moment before the price fell down. It broke the previous all-time high set in October when the world’s largest cryptocurrency by market volume hit just over $67K.
And it’s not just Bitcoin that’s been hitting its stride. Ethereum is at an all-time high, pushing to break the $5,000 barrier. At the moment it’s trading for just over $4,700, with experts believing that a new push over $5K is coming soon. Bitcoin is also headed for new price heights of over $70,000, meaning that it’s a perfect time to jump into the market and possibly make a bit of profit.
A Wide Rally
The record-breaking highs come amid a wider rally on the crypto market. It just passed the market cap of $3 trillion earlier this week, with Solana and Cardano reaching their highs. Other coins have hit highs too including CHZ and Polkadot. DOT is expected to make another run soon as the auction dates have just been revealed.
While it’s difficult to predict what happens next due to the volatility of crypto coins, experts are adamant that the momentum isn’t finished yet. The economic instability around the world and inflation are fueling the rise of cryptos. There have been many pessimists that Bitcoin would reach $70,000, but it’s just a hair away from it now. A price of $75,000 is next in line, and that’s the price many predicted BTC will hit just before New Year. The $100,000 prediction might be a bit off, but $75K is in range.
Financial giant JPMorgan recently doubled down on its prediction that Bitcoin can hit a target close to $150,000 soon. Analysts from the financial company stated that it should reach $73,000 in the short run and $146,000 as early as next year. With an upgrade hitting Bitcoin soon, that is very likely to happen.
Taproot on the Way
Bitcoin is slated to receive a massive software upgrade next week. It’s the biggest in the past 4 years. Known as Taproot, the upgrade will come with higher privacy and efficiency and will unlock the potential for smart contracts, something Bitcoin has been lacking so far. Why is that significant? One only needs to look at Ethereum and its Altair update from later October that sent Bitcoin’s opponent on an incredible run.
While it was seen as a non-event, Altair was ultimately the reason why ETH has been on an upswing. The same could happen with Bitcoin, effectively helping it jump over the next obstacles. Thanks to Bitcoin’s and Ethereum’s price highs, the whole market is on an upward trend that will take cryptocurrencies to new heights.
Low market cap coins are huge right now too and a worthy investment for many. Those who have never invested in cryptos should take a look at the market right now as a new boom is expected soon.