Key Points
- Major cryptocurrencies and memecoins are driving the current crypto bull run, with Bitcoin nearing $62K.
- Experts predict that the crypto market could reach up to $100 trillion.
The current bull run in the crypto market is being driven by major cryptocurrencies and memecoins, with Bitcoin nearing the $62K mark.
Predictions from experts suggest that the crypto market has the potential to reach a staggering $100 trillion.
Market Dynamics
The past week has been eventful for the crypto market. The first presidential debate indirectly had a positive impact on the market, despite the absence of direct discussions on crypto.
The SEC faced several setbacks in legal battles, including cases against Consensys, Binance, and Ripple.
There is also increasing buzz around the potential approval of an Ethereum ETF and recent filings by two asset managers for a Solana ETF.
Market Predictions
On the 1st of July, the crypto market turned green, with daily increases of over 2% across many coins. Bitcoin, the leading cryptocurrency, rose by 2% in the past 24 hours, nearing the $62K level.
Dan Tapiero, Founder of 1Roundtable Partners, shared his insights on the surge. Initially, he predicted a total market cap of $10 trillion for the crypto market. However, due to recent developments and rapid sector growth, he has significantly revised his estimate.
Tapiero now believes that the crypto market could potentially reach $30 trillion, $70 trillion, or even $100 trillion in the future. He also mentioned that within 18 to 24 months, the market could realistically reach the $10 trillion mark.
Role of Memecoins
Besides major cryptocurrencies, memecoins are also playing a significant role in pushing the crypto market. This trend is confirmed by CoinMarketCap’s recent trending coins, which included three memecoins. Among them, Dogecoin saw a 2.22% increase in the past 24 hours.
This sentiment is shared by @cryptosanthoshK, who noted that both memecoin and altcoin season could occur simultaneously.
