Bitcoin (BTC), the leading cryptocurrency, has always been a hot topic among market analysts and investors. The virtual asset laid the basis of an alternative ecosystem that enables financial transactions without requiring third-party involvement.
Currently, BTC is showcasing a bullish trend, trading at $51,809.86, with its market cap increasing by 4.11%, reaching a total of $1.02 trillion, and its trading volume growing by 29.77%, according to data from CoinMarketCap. This recent bullish movement has led analysts to speculate that Bitcoin might hit $ 1 million soon.
Bitcoin reaching $1 million might seem like a wild prediction, but it is established based on some leading statistics. This can be approved by a tweet made by Samson Mow, who is the Chief Strategy Officer (CSO) at Blockstream (a global platform dealing with Bitcoin and blockchain technologies) and the Chief Executive at a gaming company, Pixelmatic. Mow showed his confidence in the incredible BTC price surge and predicted that it would reach a million dollars in the not-too-distant future.
Although not a million-dollar increase, according to the Standard Chartered Bank statement, Bitcoin is still set to achieve $100,000 by the end of 2024. ETF approvals and the upcoming halving will drive the price surge.
Bitcoin halving, programmed into Bitcoin's mining algorithm, occurs to cut the number of mining blocks in half. This roughly happens every four years. During its first halving in November 2012, prices surged from a meager amount of $11 to over $1,100 in just a year. In its second halving in July 2016, bitcoin soared from $600 to around $20,000, over 3,000%. Following its third halving in 2020, bitcoin has risen from $8,000 to nearly $69,000 in April 2021.
This year marks Bitcoin's fourth halving, which will probably happen in April and will continue until 21 million coins are mined. After the halving, Bitcoin is expected to reach at least 100,000 dollars if its demand remains the same.
This massive Bitcoin growth is expected to have a subsequent impact on the altcoin market as well. Investors are now starting to look towards other projects with high growth potential. Algotech (ALGT), a leading TradFi platform, is a notable project that has attracted investors.
Algotech (ALGT) has recently attracted major market headlines after its successful private sale. The platform has raised over $1.1 Million within two days in its funding round. The aggressive growth of the platform has led analysts to speculate that it might define the future of trading.
The Platform's very own token, ALGT, an ERC-20 coin, is also backed by deflationary token economics that guarantees significant reinvestment back into development to support growth. The token's price is currently $0.04 and is expected to rise well above its current value, especially after the project concludes its presale.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.