On 11th March 2024, 0300 ET, Bitcoin reached the widely anticipated $70k mark. This is a massive ATH that has been elusive since the 2021 boom. As of this writing, Bitcoin was approaching $71k, and crypto experts predict that the coin might post aggressive growth this week now that the “ceiling” has been broken.
This current upsurge is partly attributed to the FOMO effect that has been building up after notable crypto enthusiasts insisted that we might see $BTC reach the $100k mark this year. The Breakout this morning is definitely a rush for speculators buying this coin for profits.
As more mainstream money flows into crypto, we can expect the prices for solid coins such as $BTC to keep surging.
Bitcoin Adoption Is Also A Factor
We cannot rule out the fact that Bitcoin adoption has also been a factor fueling this upsurge. The number of established institutions and major businesses accepting Bitcoin payments has been on the rise. The project is that more transactions in BTC will be recorded this year, and this means higher demand for this coin.
Bitcoin Breakout Effect On Meme Coins
Bitcoin has been an anchor coin in the crypto market and has a massive influence on meme coins’ performance. Already, big meme coins such as Shiba Inu, PEPE, BEFE, Dogecoin, and others have posted positive growth since the Bitcoin bull run started.
Shiba Inu has already surged 237% this year as of this writing, while Dogecoin (DOGE) was +97%. BEFE has also been performing extremely well in 2024. Today, $BEFE ranks among the coins expected to do very well this year.
Though the crypto markets are extremely volatile, Bitcoin is projected to remain stable in the next few days. The price might go down after the current upsurge as some investors take profits. But we can expect the coin to regain its stability and probably post a bigger upsurge.
Will Bitcoin hit $100k? This question will be answered by the market trends in the next few weeks.
