Bitcoin, along with other major cryptocurrencies including ethereum and XRP, has surged to a fresh year-to-date high as Tesla billionaire Elon Musk reveals his “true currency.”
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The bitcoin price has risen around 250% since crashing to recent lows in late 2022, with some predicting a further huge price catalyst is approaching. Ethereum, XRP, and the rest of the crypto top ten have also surged, pushing the crypto market over $2 trillion.
Now, as Wall Street giant JPMorgan issues a shock crypto course correction, the bitcoin price is expected to see a further $500 billion market capitalization increase, according to a top Fidelity analyst.
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The bitcoin price has surged higher in the last 24 hours, boosting ethereum, XRP, and the wider crypto market.
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“Bitcoin will eventually capture around a quarter of the monetary gold market,” Jurrien Timmer, director of global macro at Fidelity, wrote in a post, referring to the gold held by the world’s central banks, financial institutions, and governments as part of their foreign exchange reserves.
“At 40%, monetary gold is currently worth around $6 trillion, while bitcoin is worth $1 trillion,” Timmer wrote, with bitcoin expected to rise to $1.5 trillion if it does secure a quarter of the monetary gold market.
Last week, spot bitcoin exchange-traded fund (ETF) data indicated that bitcoin is already “stealing gold’s crown” as the world’s primary store-of-value.
Earlier this month, hedge fund manager Anthony Scaramucci, the founder of Skybridge Capital, made a long-term bitcoin price prediction that it “gets to easily half of the market capitalization of gold.”
Analysts have also pointed to applications for Wall Street giants to create an ethereum ETF and speculation about a possible XRP ETF, as well as excitement building ahead of bitcoin’s looming supply cut, known as a halving.
“The market is exhibiting strong resilience across various aspects,” Matteo Greco, research analyst at crypto investor Fineqia International, said in emailed comments.
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The bitcoin price has almost entirely recovered from its 2022 price crash, boosting the price of ethereum, XRP, and other major cryptocurrencies.
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“Bitcoin maintains a price above $50,000, altcoins like ethereum perform well with a price exceeding $3,000, and liquidity increases alongside high demand, as seen through inflows into spot bitcoin ETFs and the surge in stablecoin supply. Additionally, with the bitcoin halving approaching in less than two months, the market anticipates another significant event that could impact market trends.”
These combined factors have made many bitcoin, ethereum, and XRP traders very bullish.
“I think this is as clear as day we are currently coming up on the steeper portion of the parabolic trend,” bitcoin, ethereum, and XRP price analyst Kevin Svenson said in a video posted to X.
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- Source: https://cryptoinfonet.com/bitcoin-news/fidelity-shockingly-predicts-1-5-trillion-surge-in-bitcoin-price-boosting-ethereum-xrp-and-crypto-market/
