• Bitcoin (BTC) prices surged from $21,500 to a six-month high of almost $25,000 in one of its most impressive daily price increases.
• Alternative coins have followed suit with notable gains, with OKB, FTM, APT and NEAR leading the way with double-digit increases.
• The surge happened shortly after US CPI numbers and it is predicted that BTC will reach $30,000 by the end of March.
Bitcoin Surges to Six-Month High
Bitcoin (BTC) registered one of its most impressive daily price increases in a while by skyrocketing from $21,500 to a six-month high of almost $25,000. This surge happened shortly after US CPI numbers were released. Mike Novogratz predicted that BTC will reach $30,000 by the end of March.
Alternative Coins Follow Suit
The alternative coins have followed suit with notable gains as well. OKB tapped a new all-time high following a massive 15% daily surge while FTM, APT and NEAR also posted double digit growths on the day.
Crypto Markets Reach New Heights
The entire cryptocurrency market added more than $100 billion in market capitalisation within just 24 hours due to this outstanding performance by Bitcoin and other altcoins – pushing the total crypto market cap above the crucial psychological level of $1 trillion for the first time ever.
Implications for Crypto Markets
This milestone could be seen as an important step forward for institutional investors who are looking for ways to incorporate digital assets into their portfolio allocations – especially given that bitcoin accounts for more than 50% of that capitalisation figure alone. It remains to be seen what impact this will have on traditional markets going forward but it’s likely that we’ll continue to see increased interest in cryptocurrencies over the coming months as this trend continues upward.
Overall, Bitcoin’s impressive surge should serve as an example of how much potential there is in cryptocurrency markets – both short term and long term – and provide further validation for those who believe digital currencies are here to stay.