Bitcoin experienced an impressive surge, breaking through the $75,000 mark right after the U.S. elections and quickly climbing to over $81,000. Geoff Kendrick, who leads the Foreign Exchange and Digital Asset Research team at Standard Chartered, has remarked that this spike could pave the way for new record highs in the cryptocurrency market.
Will Bitcoin’s Momentum Affect Other Cryptocurrencies?
Kendrick believes that the upward trajectory of Bitcoin will have beneficial effects on other digital currencies. He specifically points out that Solana is positioned to perform exceptionally well by the end of the year, indicating a broader rally within the altcoin market, primarily driven by Solana.
Can Solana and Ethereum Keep Up?
The surge in Bitcoin is also expected to boost major cryptocurrencies such as Solana and Ethereum. However, Kendrick is optimistic that Solana will outperform its competitors in 2023. He projects Bitcoin could hit $100,000 by December 27, with a year-end target of $125,000 that may be achievable by January 20.
- Potential 300% growth in the crypto market if Republicans control Congress.
- Significant advancements expected in gaming finance, tokenization, and decentralized infrastructure.
- Possibility of the crypto market’s total value reaching $10 trillion by 2026.
If Kendrick’s forecasts materialize, the cryptocurrency market may see its value soar from $2.7 trillion to $10 trillion by the end of 2026. Such growth is likely to drive innovations in the crypto sector and foster broader acceptance across various industries. Market participants are keenly observing these developments.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
