Why Bitcoin and These Crypto Pumped Today

CryptosRUs

Crypto Market Update

The crypto market had a good day, with Bitcoin holding well and many altcoins gaining value.

Bitcoin Performance

  • Started the day strong and continued to trend upwards
  • Reached a high of almost $98,000, but came back down to around $96,800
  • The pullback is attributed to a large number of shorts in the market

Top Performers of 2024

  1. Micro Strategy: Returned over 350% due to its investment in Bitcoin
  2. Nvidia: Performed well, partially due to its GPUs being used for Ethereum mining and its shift to AI
  3. Bitcoin: A top performer, with its success influencing other crypto-related assets

Altcoin Performance

  • Solana: Experienced a significant surge, almost returning to $210, with an 85% chance of getting an ETF approval in 2025
  • XRP, Cardano, Algorand: These U.S.-based crypto companies saw significant gains, potentially due to promises to make the U.S. the crypto capital of the world

Market Outlook

  • The two weeks of correction did not negate the bull run or the gains made in 2024
  • The current stage of the market is the most bullish, with the recent correction being minimal in the grand scheme
  • Investors who held on and took advantage of the dips are seeing good returns
  • The future looks bright, with many altcoins recovering and Bitcoin poised to break through $100,000 again.