Bitcoin is once again on the rise, surging over 20% in the past week to approach its all-time high. As of Thursday, the leading cryptocurrency reached above $63,000, now less than $6,000 away from its November 2021 peak. Other major cryptocurrencies like Ethereum (ETH), Cardano (ADA), Solana (SOL), and Dogecoin (DOGE) have also seen significant gains, pushing the total crypto market capitalization beyond $2.3 trillion.
Market analysts are divided—some predict an imminent new record high, while others caution about a potential correction following this rapid price surge. Below, we explore the latest trends, expert insights, and key factors driving the crypto market's momentum.
Bitcoin Price Live: Cryptocurrencies in ‘Price Discovery’
Amid the current market optimism, some experts warn of an impending correction. Nik Akinshin, Head of Financial Planning Analysis at Keytom, predicts a short-term drop but remains bullish on Bitcoin's long-term trajectory. Here’s his analysis:
"Bitcoin and Ethereum are in price discovery mode. While a correction is imminent, the exact timing is uncertain. With Bitcoin breaching $61,000, buyers may push it toward its all-time high above $69,000. Over 98% of Bitcoin addresses are profitable, reducing immediate selling pressure. Ethereum mirrors this trend due to their strong correlation.
Bitcoin ETFs are driving this rally, and their impact isn't fully priced in yet. With the halving set to tighten supply further, the rally could extend into Q4, peaking at $80,000 by year-end."
Crypto Market Surges 4%: Dogecoin Leads Gains
The combined crypto market cap has soared to $2.3 trillion, up 4% in 24 hours. Dogecoin leads the top 10 cryptocurrencies with a 50% weekly gain. Here’s a snapshot of the market:
| Cryptocurrency | 7-Day Gain |
|---|---|
| Bitcoin (BTC) | 20% |
| Ethereum (ETH) | 18% |
| Solana (SOL) | 25% |
| Dogecoin (DOGE) | 50% |
Bitcoin Close to Overtaking Silver in Market Cap
Bitcoin’s market cap now exceeds $1.23 trillion, rivaling Meta and nearing silver’s valuation. Advocates compare its finite supply to gold’s, though volatility remains a hurdle for broader adoption as a stable store of value.
👉 Discover how Bitcoin ETFs are reshaping institutional investment
Bitcoin Halving: Catalyst for the Next Bull Run?
The upcoming Bitcoin halving (estimated April 19) will cut mining rewards by half, historically triggering price cycles. Analysts like PlanB point to this event as a key driver of Bitcoin’s quadrennial surges, though external shocks (e.g., economic downturns) could disrupt the pattern.
What’s Fueling Bitcoin’s Resurgence?
- ETF Approvals: Institutional investment via spot ETFs has injected billions into the market.
- Institutional Confidence: Mature capital inflow contrasts with past retail-driven frenzies.
- Macro Trends: Broader economic shifts and adoption by major players bolster credibility.
👉 Learn why experts believe Bitcoin could surpass $80,000
FAQs: Key Questions Answered
1. Why is Bitcoin’s price rising so fast?
- ETFs and institutional demand are major drivers, alongside anticipation of the halving.
2. Could Bitcoin crash after this rally?
- Short-term corrections are likely, but long-term trends remain bullish due to capped supply.
3. How does the halving affect Bitcoin’s price?
- Reduced supply often increases scarcity, historically leading to price appreciation over time.
4. Is Dogecoin’s surge sustainable?
- Meme coins are highly volatile; gains may not reflect fundamental value.
5. What’s Bitcoin’s realistic 2024 peak?
- Experts project $80,000, contingent on ETF inflows and macroeconomic stability.
Final Thoughts
The crypto market’s momentum reflects growing institutional trust and cyclical trends. While volatility persists, Bitcoin’s fundamentals—scarcity, adoption, and ETF inflows—suggest a resilient upward trajectory. Stay tuned for real-time updates as the market evolves.