Bitcoin and its fellow cryptocurrencies registered a bullish rally over the last 24 hours that helped push the entire crypto market’s market cap to over $1 trillion for the first time since October 5, 2022.
For its part, the alpha crypto was finally able to break through the $20,000 as it is trading at $20,201 at press time, according to tracking from Coingecko.
The last time Bitcoin (BTC) managed to get past this particular price range was last September 27 when it changed hands at $20,147.
With this surge, BTC also managed to increase its overall valuation to over $387 billion as well as its trading volume, from above $27 billion yesterday to $43.258 billion today.
Altcoins Follow Bitcoin Momentum
Bitcoin is not the only crypto asset that rallied and initiated a price pump over the past 24 hours as Ethereum and the rest of the altcoins followed suit.
Ethereum, BNB, XRP, Solana, Cardano and Dogecoin registered significant price increases during the same time period.
Notably, Ethereum (10.6%), Cardano (10%) and Solana (10.1%) are the three cryptocurrencies that belong to the top 10 in terms or market cap that registered double-digit price hike during this bullish run for the crypto space.
Unfortunately, some altcoins like Quant, Aptos and Elrond failed to capitalize on the momentum as they continued to struggle and decline in value.
Analysts Remind To Be Cautious
This strong rally of cryptocurrencies, partly caused by the mini-collapse of US dollar (USD) index today, had some people thinking that the crypto bottom might already be in.
Experts, however, cautioned investors and crypto holders to hold their horses as this might not be the case.
In fact, they believe that the U.S. Federal Reserve will likely implement another 75bps hike as the ongoing conflict between Russia and Ukraine poses threat of an even higher inflation.
As interest rates go up, the crypto space might be in severe turbulence once again and assets like Bitcoin may experience price dumps.
This sentiment is reflected on Coincodex’s price prediction for the leading crypto which, over the next five days, will most likely continue to surge and hit $20,682.
However, 30 days from now, the asset is seen undergoing massive price corrections and be pulled all the way down to $16,319.
BTC total market cap at $387 billion on the daily chart | Featured image from Easy Crypto, Chart: TradingView.com