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Bitcoin briefly surged past $100,000 on Wednesday, achieving an increase of up to 4% before retreating below this critical threshold.
At the time of this report, Bitcoin is trading at $99,400, reflecting a 2.5% rise over the last 24 hours, according to data from CoinMarketCap.
However, despite these gains, on-chain transactions for Bitcoin have decreased by 37% compared to last week’s peak, indicating potential downside risks. Additionally, Bitcoin ETFs experienced outflows totaling $209 million, which has tempered some of the bullish momentum.
Altcoin Market Outshines Broader Crypto Market
While Bitcoin’s increase was significant, the global altcoin market outperformed it, rising by 8.61%. Ripple (XRP) and Stellar (XLM) were at the forefront among altcoins, with increases of 12% and 14%, respectively.
Ripple’s price tested the $3 level again, supported by renewed speculation regarding blockchain’s role in financial innovation during the Trump administration.
Stellar’s close price correlation with XRP further enhanced its gains, driven by their shared origins and mutual focus on cross-border payments.
Solana (SOL) also showed strong performance, climbing 9% to reach $205, fueled by heightened on-chain activity and the rapid adoption of AI-driven projects within its ecosystem.
Polygon (MATIC) saw a 5% increase to $0.48, benefiting from growing interest in Layer-2 scalability solutions.
Analysts suggest that MATIC could potentially surpass the $0.50 resistance if the current momentum persists.
With increasing market optimism, analysts indicate that XRP may retest the $3 mark, while XLM targets $0.60 as altcoins continue to gain traction in the bullish environment.
Bitcoin Could Exceed $300,000 in 2025
Bitcoin may surpass the $300,000 threshold in 2025, according to a market survey conducted by HashKey Group.
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The Hong Kong-based digital asset firm attributes this potential increase to rising institutional capital inflows and growing adoption by mainstream financial institutions.
HashKey’s report, informed by nearly 50,000 community members, underscores Wall Street’s increasing involvement with cryptocurrencies.
Bitcoin Could Exceed $300,000 This Year, New HashKey Survey Claims
HashKey’s annual market forecast indicates that 50% of respondents expect Bitcoin to triple its current levels as institutional adoption accelerates.
Read more: https://t.co/fm2dHvCPo4 pic.twitter.com/f4F0dRpFhn— Mars Indicators (@MarsSignals) January 16, 2025
Major financial institutions are progressively incorporating crypto services, indicating a broader acceptance of digital assets.
In its forecasts, HashKey Group Chairman Dr. Xiao Feng highlighted the market’s potential for “extraordinary growth.”
The firm anticipates the total cryptocurrency market capitalization to rise to $10 trillion by the end of the year, a substantial increase from its current $3.64 trillion, according to CoinGecko data.
Bitcoin’s role as “digital gold” remains central to this narrative. The cryptocurrency recently exceeded $100,000 amid inflation data and macroeconomic updates, despite a challenging period of institutional outflows.
HashKey also envisions Ethereum adopting a “digital oil” narrative, with its price potentially reaching $8,000 by year-end.
Furthermore, innovations such as 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 significantly increased following the approval of U.S. spot Bitcoin ETFs and initiatives like MicroStrategy’s corporate treasury diversification.
Globally, some countries are considering Bitcoin as part of their national reserves, reinforcing the positive outlook for the asset.
New Hampshire and North Dakota have introduced legislation to establish strategic Bitcoin reserves, reflecting 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.
The post Bitcoin Surges Above $100k, Ripple (XRP) Climbs Above $3 As Market Turns Green appeared first on Cryptonews.
