Rising Altcoins ADA, BONK, and DOT Drive Crypto Market Growth by $60 Billion in Single Day

Bitcoin and Altcoins Surge Amid Market Rally

If you have been following the wider cryptocurrency market rally, you would have noticed that altcoins like Polkadot (DOT), BONK, and Cardano (ADA) have outperformed most other assets while the market has added over $60 billion in market capitalization.

Bitcoin and Ethereum Prices Surging

At the time of writing, Bitcoin is trading at $42,900 after moving up over 4% in the last 24-hour period, while Ethereum’s ETH is up 4.7% over the same period, now trading at $2,280.

Altcoins Performance

According to CryptoCompare data, Cardano’s ADA moved up 13.3% over the last 24 hours, outperforming Polkadot’s DOT which rose 8.3%. Additionally, a Solana-based meme-inspired cryptocurrency has surged 50% after being listed on Nasdaq-listed exchange Coinbase.

Total Market Capitalization on the Rise

Amid these rises, the cryptocurrency space’s total market capitalization has moved up over $60 billion in a single day to reach $1.62 trillion. These price rises come following several cryptocurrency market price predictions, including JPMorgan suggesting Ethereum will outperform Bitcoin next year.

JPMorgan’s Outlook on Bitcoin and Ethereum

Contrary to their bullish outlook on Ethereum, JPMorgan analysts maintain a cautious stance on the broader crypto market for the upcoming year. They believe that the positive factors for Bitcoin, such as the potential approval of spot ETFs and the anticipated halving event in 2024, are already factored into its current price.

Bitwise Asset Management’s Predictions

On the other hand, Bitwise Asset Management has predicted Bitcoin will trade above $80,000 next year, driven by the expected launch of a spot Bitcoin exchange-traded fund and its supply halving, expected to occur around the end of April.

Hot Take: Cryptocurrency Market Stability and Predictions

As the cryptocurrency market continues to rally and various altcoins outperform most of the market, the stability in prices and the bullish predictions for Bitcoin and Ethereum show growing confidence and interest in the market.