It’s been a significant start to the week for the crypto markets. Ethereum has hit a new all-time high above $4700 and the total crypto market cap has passed $3 trillion USD for the first time after various alt-coins rallied. Meanwhile, Bitcoin was trading above $66,000 which is near its all-time high of around $67,000. Ethereum is up around 59% since the start of October and Bitcoin is up around 51%. One of the reasons for the recent Bitcoin rally was the launch of the first Bitcoin ETF in the US. This provided crypto exposure to traditional investors who may be looking for an inflation hedge.
How far can the rally go? Some analysts have predicted that Bitcoin will hit $100k by the end of the year whereas others predict a major correction. It does appear that the next leg of the bull run could be on the way, and crypto markets remain volatile and unpredictable.
As well as Ethereum and Bitcoin, alt-coins have also been in the limelight recently. Polkadot recently hit new all-time highs and it was trading at $52.98 at the time of writing (12:15 pm). Solana is another alt-coin that has been pushing it up and it was trading around $245.28. Both of these projects see themselves as potential alternatives to Ethereum, which has been criticised for its high gas fees. If the price continues to go higher, then gas fees are also likely to increase.
Meanwhile, in the world of ‘meme coins’, Shiba Inu has dropped around 18% in the past 7 days after an impressive rally. In contrast, Dogecoin was up around 7% today, trading at $0.2829. Will these fun ‘meme coins’ continue upward or is the hype bubble pop at some point? Analysts and crypto investors continue to watch the market closely with the bulls seemingly in control for now.