Bitcoin Soars Past $30k: Can The Crypto Market Reach $2 Trillion Cap?

The Bitcoin price has surged past $30k, marking its first breakthrough this year following a bullish start to 2023. After consolidating around $28k for three weeks, the leading cryptocurrency has rallied to unexpected heights, leading market analysts to predict a potential climb above $40k.

With the crypto market making a strong rebound from the previous year’s bear market, this unexpected turn of events has reignited investor interest and could pave the way for even greater gains in the future. 

Keep reading to find out more about the exciting new developments and what they mean for the future of Bitcoin.

How Crypto Reacts To High-Impact News

The crypto volatility is expected to remain high in the coming days amid high-impact news from top markets around the world. Among them, the United States Bureau of Labor Statistics will be releasing the Consumer Price Index (CPI) data tomorrow.

Additionally, the Bank of England Governor Andrew Bailey is expected to speak about the resilience of the global financial system at an online event hosted by the Institute of International Finance tomorrow. Meanwhile, the Bank of Canada is expected to release interest rate data tomorrow. 

Amid the high global inflation, Bitcoin’s price is expected to lead the altcoin market in higher gains in the coming weeks.

Crypto Market Cap Enroute to $2T?

According to a popular market economist Michael van de Poppe, the total crypto market capitalization is well positioned for a 100 percent run to $2 trillion in the coming months. Moreover, Poppe highlighted that the total crypto market capitalization has stayed above 200-MA and 200-EMA in the past four weeks. As a result, the total market capitalization only needs to break a crucial resistance level for the bullish stance to hold.

Related: Is This The Start of Bitcoin Bull Run? CryptoQuant Predicts BTC Price For 2024 – Coinpedia Fintech News

A rally toward $2 trillion in total market capitalization could see Bitcoin price trade above $40k as predicted by most analysts.

“At $1.25T we need to break through, if we do, we’ll be seeing a strong run to $2T,” crypto analyst Poppe noted.

On the Flipside

The Ethereum Shanghai upgrade is expected to clock in tomorrow, which could further heighten the crypto volatility. As a result, crypto traders are cautioned to approach the market carefully to avoid forced liquidations.

Be Prepared: Ethereum Price May Experience ‘Sell The News’ Trend Ahead Of Shanghai Upgrade! Here’s What On-Chain Data Says