Bitcoin’s price rally to $70K could lure buyers to XRP, KAS, STX and JASMY
Bitcoin remains on target to reach $70,000, and if that happens, XRP, KAS, STX and JASMY could find buyers.
Bitcoin (BTC) has recovered sharply from the intra-week lows, indicating a positive sentiment where dips are being purchased. Market analytics firm Santiment said in a X post that the ratio of positive comments to negative comments toward Bitcoin has reached its highest level since March 2023.
While the short-term traders are focusing on a new all-time high for Bitcoin, the long-term investors are projecting uber-bullish targets for Bitcoin. SkyBridge Capital founder Anthony Scaramucci said during the Bitcoin 2024 conference in Nashville, Tennessee, that Bitcoin’s market capitalization will probably overtake the total market capitalization of gold. Bitcoin’s market capitalization is roughly $1.3 trillion, while gold is between $15 trillion-$16 trillion.
Bitcoin’s bullishness did not rub off on Ether (ETH), which is down more than 7% this week. The negative sentiment in Ether is largely due to the net outflows of about $342 million from the Ether exchange-traded funds, per data from SoSo Value.
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Author: Rakesh Upadhyay
