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Bitcoin, Ethereum and Altcoins are poised for a 3 to 5 times rally in the next 12 months
The price of Bitcoin (BTC). it rose above $71,000 again on Wednesday, fueled by increased demand from institutional investors. Tuesday, the Thailand’s SEC has approved the first spot Bitcoin ETF as the Australian market has welcomed a similar product. In the US, Fidelity Investments’ FBTC continued to lead cash inflows with around $378 million and BlackRock’s IBIT with around $274 million.
As a result, the altcoin industry has gained new bullish momentum. According to the latest crypto oracles, Binance’s native coin BNB pumped above $700 for the first time. Floki Inu (FLOKI) led the meme coin sector with growth of double percentage points in the last 24 hours, following notable investment from DWF Initiatives.
Cryptocurrency price targets for the next twelve months
According to a popular cryptocurrency trader, Ash Crypto, with over 1.1 million followers on Platform X, the next twelve months will be wild for the entire digital asset industry. The crypto analyst set the first Bitcoin price target at around $100,000, an important psychological level.
The crypto analyst believes The price of Ethereum will reach $10,000 and above in the next twelve months. Ash Crypto indicated that investors should embrace the idea that the altcoin sector will increase 3 to 5 times in a single day. Ultimately, the crypto analyst pointed out that meme coins will reach a valuation of billions.
Bigger picture
The total market capitalization of cryptocurrencies is gradually eating into global investment products led by stock indices and precious metals. The Indian stock market recorded its worst performance in two years on Tuesday, with more than $400 billion wiped out in a single day. With the upcoming general election in the United States, the cryptocurrency sector is well positioned to attract more investors fleeing market uncertainty.
Also check: Bitcoin ETF Shatters Records with $886 Million Inflow, BTC Price Skyrockets Ahead of Fed Meeting