In a recent analysis, Bambrough underscored the remarkable surge in Bitcoin’s value, surpassing a 100% growth in the last six months, reaching an impressive $64k. This surge has not only influenced Bitcoin but also propelled competing crypto projects like XRP, which experienced a 26% surge from $0.4744 in September to its current value hovering around $0.6.
The surge in Bitcoin has been notably linked to the introduction of licensed Bitcoin exchange-traded funds (ETFs), as highlighted by Bambrough in a Forbes publication. The analyst anticipates an unprecedented institutional adoption of Bitcoin and the broader crypto market, a sentiment shared by analysts at Bernstein. According to Bernstein, Bitcoin is predicted to reach $150,000 within the next 18 months, driven by this institutional adoption.
‘$150,000’ By 2025—Bitcoin Braced For An ‘Unprecedented’ Wall Street Price Earthquake After Breaking $60,000, Boosting Ethereum, XRP And Crypto https://t.co/BR7ernYTiP
— Forbes (@Forbes) February 29, 2024
Adding depth to this perspective, Alex Kuptsikevich, a senior analyst at FxPro, challenges conventional expectations by emphasizing that historical trends don’t necessarily align with logic, attributing the anomaly to the growing influence of institutionalization.
The Forbes contributor delves into additional factors supporting the potential ascent of Bitcoin to $150k. Notably, major Wall Street players like BlackRock have recently entered the Bitcoin market through ETFs, witnessing staggering inflows exceeding $6.11 billion within just ten weeks of launch.
It's official..the New Nine Bitcoin ETFs have broken all time volume record today with $2.4b, just barely beating Day One but about double their recent daily average. $IBIT went wild accounting for $1.3b of it, breaking its record by about 30%. pic.twitter.com/MiCs1rzttM
— Eric Balchunas (@EricBalchunas) February 26, 2024
In a recent report by The Crypto Basic, it was revealed that these ETFs experienced an unprecedented single-day volume of $2.4 billion on February 26. Bloomberg’s senior ETF analyst, Eric Balchunas, highlighted the significant trading volume of BlackRock’s spot Bitcoin ETF, describing it as “insane” for a newcomer in the ETF space. This volume indicates a substantial level of institutional interest, demanding further institutional consideration.
Related: XRP Whales Shift 62 Million Tokens in Price Rally
Looking at the projection of Bitcoin reaching $150,000, currently standing at $62,500, it implies a bullish rally of 140%. Applying a comparable percentage increase to XRP’s present value of $0.5938 would project its price to approximately $1.43. While this may seem ambitious, it’s worth noting that XRP has achieved higher values, reaching $3.84 in 2018.
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