Will Bitcoin Record High Give the Crypto Market a Boost?
Bitcoin could hit a new record high soon and cause the entire crypto market to become elevated as a result.
The crypto market is sagging today, with Bitcoin (BTC) down to $69,430 (BTC/USD) and Ethereum (ETH) dropping by 4.54% over the last week to $3,639 (ETH/USD).
BNB (BNB) has dropped by 10% in seven days, and Solana (SOL) has fallen by more than 7% in that same window. XRP (XRP) and Dogecoin (DOGE) are also down, having fallen 6.4% and 10.6% respectively in that same 7-day period.
With the crypto market looking bearish, there is a need for a major shakeup. Over the last 24 hours, the market has corrected slightly, with minor increases among many of the major cryptocurrency tokens. Dogecoin has gained 3.13% in that time, and Bitcoin has climbed by 1.03%, both in the last 24 hours.
The small gains here and there are not enough to make up for a week of losses, though. Tuesday was marked by a sharp decline from Bitcoin, but that token has made a minor recovery since then.
Before the drop, Bitcoin was well on its way to setting a new record above the $73,750 mark. As its price corrects, it may be back on track again soon, and we could see the coin hit that major milestone in the next few weeks, or perhaps even earlier, if a few factors work in its favor.
What Will a Record High for Bitcoin Mean for the Market?
We know that as Bitcoin moves, the wider crypto market reacts. We have seen this time and again and can easily see the ripple effect that moves down the line as Bitcoin climbs or falls.
When something momentous happens to Bitcoin, the market shifts in a major way. We saw this with the Bitcoin halving event, and that caused the entire market to ramp up in anticipation.
If Bitcoin were to reach a new record high, that would certainly cause a market shift. This happens each time Bitcoin sets a new record, and we expect it will happen again when Bitcoin inevitably achieves its new record.
In anticipation of a new record, investors may want to buy into the various crypto tokens while they are low. Ethereum is also approaching a key level, and it is expected to hit $4,000 sometime over the summer. If we see both of those events happen in short order, it could trigger a massive cascade of frenzied crypto buying that shoots the values of many major tokens higher than we have seen in a long time.
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