The global cryptocurrency market has reached an unprecedented milestone, with its total capitalization surpassing $4.13 trillion for the first time. Leading the rally, Bitcoin (BTC) climbed to $122,008 and Ethereum (ETH) to $4,300, reflecting renewed investor confidence and heightened institutional participation.
Bitcoin’s price rose 4.59% in the past 24 hours, briefly crossing the $122,000 mark. Analysts say that if momentum continues, BTC could surpass its record high of $123,218, though they warn that sharp corrections could follow large-scale sell-offs or macroeconomic shifts. Open interest has increased by 7,834 BTC, signaling robust speculative activity ahead of key U.S. inflation data. Some forecasts suggest Bitcoin could reach $150,000 by year-end, bolstered by a weakening U.S. dollar and potential interest rate cuts.
Ethereum has closely tracked Bitcoin’s rally, rising more than 21% over the past week. Analysts anticipate further gains, with some predicting ETH could eventually surpass BTC in market value. Higher transaction volumes on the Ethereum network point to growing adoption and long-term optimism.
Among altcoins, Lido DAO (LDO) gained 11% in the past 24 hours, testing the $1.56 resistance level amid a bullish “Golden Cross” pattern between its 50-day and 200-day exponential moving averages. If momentum holds, LDO could target $1.82, though a dip in Bitcoin’s price could reverse these gains.
The market’s bullish run is also being driven by strategic developments. The LayerZero Foundation has announced a $110 million bid to acquire the Stargate (STG) bridge protocol, aiming to improve cross-chain transaction capabilities and integrate the ZRO token.
Meanwhile, Bo Hines, Executive Director of the White House Crypto Council, has resigned after less than a year, citing a return to the private sector.
Despite the surge, volatility remains a concern. A recent drop in Bitcoin below $100,000 triggered over $860 million in liquidations, underscoring the risks of high leverage. Analysts urge investors to watch macroeconomic indicators, particularly the upcoming U.S. inflation report and potential policy changes.
The rally extends beyond Bitcoin and Ethereum, with altcoins like Cardano (ADA) also seeing gains following recent airdrops. With institutional inflows rising and regulatory developments on the horizon, the coming weeks may determine whether this bullish momentum can be sustained.
