Bitcoin briefly soared above $100,000 on Wednesday, gaining as much as 4% before dropping back below the crucial mark.
At the time of writing, Bitcoin trades at $99,400, up by 2.5% over the past day, according to data from CoinMarketCap.
However, despite the gains, on-chain transactions for Bitcoin dropped 37% compared to last week’s peak, signaling potential downside risks. Additionally, Bitcoin ETFs saw $209 million in outflows, dampening some of the bullish momentum.
Altcoin Market Outperforms Broader Crypto Market
While Bitcoin’s rise was notable, the global altcoin market outperformed, surging 8.61%. Ripple (XRP) and Stellar (XLM) led the charge among altcoins, climbing 12% and 14%, respectively.
Ripple’s price retested the $3 mark, bolstered by renewed speculation around blockchain’s role in financial innovation under the Trump administration.
Stellar’s close price correlation with XRP further amplified its gains, driven by shared origins and their mutual focus on cross-border payments.
Solana (SOL) also impressed, gaining 9% to reach $205, spurred by increased on-chain activity and the rapid adoption of AI-powered projects within its ecosystem.
Polygon (MATIC) recorded a 5% rise to $0.48, benefiting from growing demand for Layer-2 scalability solutions.
Analysts predict MATIC could break through the $0.50 resistance if current momentum holds.
With market optimism growing, analysts suggest XRP may retest $3, while XLM eyes $0.60 as altcoins continue to gain traction in the bullish landscape.
Bitcoin Could Surge Beyond $300,000 in 2025
Bitcoin could break the $300,000 barrier in 2025, according to a market survey by HashKey Group.
The Hong Kong-based digital asset firm attributes the potential surge to increasing institutional capital flows and growing adoption by mainstream financial entities.
HashKey’s report, informed by nearly 50,000 community members, highlights Wall Street’s deepening engagement with cryptocurrencies.
Major financial institutions are increasingly integrating crypto services, signaling a broader acceptance of digital assets.
In its predictions, HashKey Group Chairman Dr. Xiao Feng emphasized the market’s potential for “extraordinary growth.”
The firm projects the total cryptocurrency market capitalization to climb to $10 trillion by the end of the year, a significant leap from its current $3.64 trillion, as per CoinGecko data.
Bitcoin’s role as “digital gold” remains central to this narrative. The crypto giant recently surpassed $100,000 amid inflation data and macroeconomic updates, despite a turbulent period of institutional outflows.
HashKey also foresees Ethereum adopting a “digital oil” narrative, with its price potentially reaching $8,000 by year’s end.
Additionally, innovations like Security Token Offerings, exchange-traded funds (ETFs), and Central Bank Digital Currencies are expected to inject $3 trillion in new capital into the market.
The report notes that institutional confidence in crypto has grown significantly since the approval of U.S. spot Bitcoin ETFs and initiatives like MicroStrategy’s corporate treasury diversification.
On a global scale, some nations are exploring Bitcoin as part of their national reserves, reinforcing the bullish outlook for the asset.
New Hampshire and North Dakota have introduced legislation to establish strategic Bitcoin reserves, marking a growing trend among U.S. states to diversify their treasuries with cryptocurrency.
Previously, Ohio proposed adding Bitcoin to its treasury reserves, following the introduction of a new bill by House Republican leader Derek Merrin.
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