Crypto Market Surges as bitcoin Breaks Key Resistance
The crypto market kicked off the month on a high note, with the total market cap soaring past $3 trillion. Notably, jasmycoin (JASMY) saw a 6.2% price hike, while Chainlink (LINK), Dogecoin (DOGE), and Pi Network (PI) each climbed over 5%.
This rally was fueled by Bitcoin (BTC) breaking its two-week consolidation, surpassing the $97,000 mark for the frist time since February. Historically, altcoins thrive when Bitcoin rises. Analysts are bullish, with Ark Invest predicting BTC could hit $2.4 million by 2024. Joe burnett from Unchained believes it could reach $250,000 this year.
Altcoins also benefited from the US stock market’s surge. The Dow Jones,S&P 500,and Nasdaq 100 all rose over 1%,driven by expectations of tariff reductions and interest rate cuts. The US GDP data showed a first-quarter contraction,prompting speculation that President Trump might negotiate with China too boost the market.
The Federal Reserve may cut interest rates to avoid a recession. The odds of a 25-basis-point cut in June have risen to 47%. Historically, Bitcoin and altcoins like Jasmy, Chainlink, Dogecoin, and Pi Network perform well during rate cuts.
