The two largest cryptocurrencies, Bitcoin and Ether reached new all-time highs today. BTC hit $68.530 and Eth $4837. Both cryptocurrencies gained around 10% in the last 7 days.
At the moment, the total crypto market cap stands at over $2.95 T. Bitcoin dominance index is 43.68%. A bullish trend prevails for cryptocurrencies, with significant gains.
One of the reasons for the surge is considered to be new crypto-related products, such as Bitcoin ETFs entering the market.
Experts from JP Morgan find that the Bitcoin surge is connected with the growing inflation rates as investors began to choose the coin more often.
According to predictions from analysts, Bitcoin and Ether may continue to climb up. JP Morgan predicts that BTC could hit $73.000 in 2022 and $146.000 in the long term. However, the Managing Director at the bank, Nikolaos Panigirtzoglou said that the other scenario, where BTC falls below $30.000 is also possible.