- Major cryptocurrencies and memecoins drove the current bull run, with Bitcoin nearing $62K.
- Experts predicted that the crypto market could reach up to $100 trillion.
As a researcher with experience in the cryptocurrency market, I’ve witnessed firsthand how the past week has been a whirlwind of events that have impacted the crypto market significantly. The positive sentiment from the presidential debate set the stage for a bullish trend, but the SEC’s legal battles and ongoing Ethereum [ETH] and Solana [SOL] ETF filings added fuel to the fire.
Over the past week, I’ve witnessed unprecedented volatility in the crypto market. The first presidential debate served as a catalyst for this trend, surprisingly leading to positive gains. Remarkably, no direct mention of cryptocurrencies was made during the debate.
Subsequently, the Securities and Exchange Commission (SEC) encountered difficulties in several legal disputes. For instance, it clashed with Consensys, Binance (BNB), and Ripple (XRP) over alleged securities law violations.
Further excitement surrounds the prospect of an Ethereum Exchange-Traded Fund (ETF) being approved, alongside recent applications from two investment firms for a Solana ETF.
YouTuber Scott Melker best put it when he said,
“This has been one of those weeks where a decade happens in a week.”
Good day for the crypto market!
Starting on July 1st, there was a positive shift in the crypto market as most coins experienced daily growth of more than 2%. Notably, Bitcoin [BTC], the frontrunner cryptocurrency, gained 2% within the last 24 hours, drawing near to touching the $62,000 threshold.
In my analysis of the current market situation, I, Dan Tapiero, founder of 1Roundtable Partners, recently expressed my views on the latest surge during an appearance on “The Wolf of All Streets” podcast.
In simpler terms, I believe many people currently possess Bitcoin, and they stand to gain significantly from it. Furthermore, based on current trends, I anticipate Bitcoin’s price reaching around $150,000 within the next year and a half.
At first, Tapiero projected that the cryptocurrency market would reach a total value of $10 trillion. But in light of recent advancements and the sector’s swift expansion, he has substantially adjusted his projection.
He holds the conviction that the market may eventually grow to encompass a value anywhere between $30 trillion and $100 trillion.
As a crypto investor, I can tell you that he expressed his belief that the market would surpass the $10 trillion milestone within the next 18 to 24 months.
This was further confirmed by CoinGecko’s recent X (formerly Twitter) post, which noted,
The total cryptocurrency market value has increased by 4% to reach approximately $2.46 trillion today. Bitcoin has regained the price point of around $63,000. What’s your strategy: purchasing, selling, or holding?
Providing the reasons behind the upcoming bull run, an X account — Mystery of Crypto — explained,
Memecoins can’t be overlooked
Memecoins, like Dogecoin and Shiba Inu, are making notable contributions to the overall growth of the cryptocurrency market.
The finding was additionally supported by CoinMarketCap’s latest list of popular coins, featuring three meme tokens. Notably, Dogecoin [DOGE] was among them, experiencing a 2.22% growth over the previous 24-hour period.
Sharing a similar line of thought, @cryptosanthoshK noted,
“I just feel like we are gonna see both memecoin and altcoin season together.”
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2024-07-01 19:36