Bitcoin record price breakout and how does it affect other markets?

March 6, 2024
March 6, 2024
< 3 min read


Not even 2 weeks have passed since we wrote article about prospects and predictions regarding the price of Bitcoin, about all factors indicating the nearest increase in the value of the coin. At that time, BTC was at a significant level of 50,000 USD. And what we see now? Since the beginning of the last ten days of February, Bitcoin has jumped 38% higher and crossed the mark its all-time high of $68,000. Such movements cause waves of optimism among investors and traders. Meanwhile, greedy sentiments dominate the market, the index of fear and greed has jumped to 90, which shows the intensity even more clearly and may indicate a possible correction in the near future. Cryptocurrency observers indicate that the main driver is increased demand for Spot Bitcoin ETF, exchange-traded bitcoin funds. Many were surprised by the rapid growth and renewal of the BTC maximum price in such a short period of time. One of the main questions here is - how such a movement might affect altcoins? Let's look at what happened over the last 2 weeks in the markets of other top 5 cryptocurrencies by capitalization besides BTC and stablecoins against the backdrop of Bitcoin's surge

1. Ethereum (ETH)

Price (last 2 weeks): from $3000 to $3700

Change: 23%

All-time high: $4891 (Nov 16, 2021)

Growth prospect to new high: 32%

2. Binance Coin (BNB)

Price (last 2 weeks): from $355 to $420

Change: 18%

All-time high: $690 (May 10, 2021)

Growth prospect to new high: 64%

3. Solana (SOL)

Price (last 2 weeks): from $108 to $131

Change: 20%

All-time high: $260 (Nov 07, 2021)

Growth prospect to new high: 98%

We wrote in detail about the uniqueness of the Solana blockchain and cryptocurrency and the prospects for this in this article.

4. Ripple (XRP)

Price (last 2 weeks): from $0.56 to $0.65

Change: 16%

All-time high: $3.8 (Jan 04, 2018)

Growth prospect to new high: 584%

5. Cardano (ADA)

Price (last 2 weeks): from $0.62 to $0.77

Change: 24%

All-time high: $3.1 (Sep 02, 2021)

Growth prospect to new high: 402%

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Historically, Bitcoin's rise almost always drives activity in the altcoin market. The current situation is no exception, and in this article we tried to consider this reflection and possible growth prospects using specific examples. It is important to understand that there is no exact pattern here and the reaction may vary depending on many factors that exist in the market, in the information field and in the cryptocurrency projects themselves.

Thank you for reading and stay tuned with us for further updates.

This article does not provide financial advice and is for informational purposes only, providing readers with context and an analytical overview. Responsibility for investment decisions rests entirely with readers and it is recommended that a financial advisor or expert be consulted before taking any action.


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