Crypto Market Surges as Bitcoin Breaks Key Resistance
The crypto market kicked off the month on a high note, with the total market cap soaring past $3 trillion. notably, jasmycoin (JASMY) saw a 6.2% price hike, while Chainlink (LINK), Dogecoin (DOGE), and Pi Network (PI) each climbed over 5%.
This rally was fueled by Bitcoin (BTC) breaking its two-week consolidation,surpassing the $97,000 mark for the first time as February. Historically, altcoins tend to follow Bitcoin’s upward trend.
Analysts are bullish on Bitcoin’s future. Ark invest projects it could hit $2.4 million by 2024, while Standard Chartered sees it reaching $120,000 by year-end. Joe burnett, an Unchained analyst, believes it could even hit $250,000.
“If Bitcoin breaks a new all-time high soon, it could skyrocket. The narratives and macro conditions are favorable,” Burnett said.
Altcoins also benefited from the US stock market’s rally. The Dow Jones, S&P 500, and Nasdaq 100 all rose over 1%, driven by expectations of tariff reductions and potential Federal Reserve interest rate cuts.
Thes factors suggest a positive outlook for Bitcoin and altcoins like Jasmy, Chainlink, Dogecoin, and pi network. Historically, they perform well when the Fed cuts interest rates, as seen during the pandemic.
