Crypto market today: Sonic, Litecoin, Dogecoin, AERO jump as Bitcoin hits $97k

The crypto market continued doing well on Friday as Bitcoin surged above $97,000 and as the cryptocurrency fear and greed index rose to 60. The market cap of all coins has jumped to $3.02 trillion, and analysts are optimistic that the trend will continue. This article highlights some of the top-performing coins, including Sonic (S), Litecoin (LTC), Aerodrome Finance (AERO), and Dogecoin. Why Bitcoin price jumped to $97,000 Bitcoin price continued its rally this week and jumped to the highest level since February for three main reasons: Analysts are have provided bullish Bitcoin price predictions. There are signs that the worst is now behind us, which explains why the stock market has jumped. Technicals suggest that the BTC price has more upside. Top analysts are highly upbeat about the Bitcoin price. Cathie Wood’s Ark Invest anticipates that the BTC price will jump to $2.4 million by 2030. That represents a significant increase, equivalent to a 2,375% rise from the current level. It would also bring the market cap of all coins at $50.4 trillion. Standard Chartered analysts see the Bitcoin price to head to $200,000 either later this year or in 2025. Most analysts on X expect the coin to continue its bullish rally. Second, the US published weak economic numbers, which showed that the GDP contracted in the first quarter . The labor market and the US consumer confidence also crashed, raising the odds of a recession. Therefore, these numbers mean that the Federal Reserve may pivot by starting to cut interest rates as soon as in the meeting in May. Also, Trump may decide to start negotiations with other countries, especially China. These events explain why the US stock market has bounced back. The Dow Jones rose by 83 points on Thursday, while the Nasdaq 100 Index soared by 255 points. Further, Bitcoin price has strong technicals , that point to further gains ahead. It formed a bullish flag chart pattern before the current breakout. This pattern is made up of a tall vertical line and a rectangular formation. Bitcoin price has also moved above the 50-day moving average. Most, notably, it narrowly failed to form a death cross pattern in April as the spread between the 200-day and 50-day moving averages narrowed. The last time that happened was in September last year, and then Bitcoin price surged by over 82% afterwards. BTC price chart | Source: TradingView Why Litecoin, Sonic, Dogecoin, and AERO prices surged The ongoing Bitcoin price rally triggered a sharp increase among altcoins. Litecoin and Dogecoin prices have continued their rally, now over 40% above their lowest level in April this year. These coins have surged due to the increasing likelihood that the Securities and Exchange Commission (SEC) will approve spot ETFs. Canary Capital, Grayscale, and CoinShares have all applied for a spot Litecoin ETF, while Grayscale, Bitwise, 21Shares, and Rex Shares have applied for a DOGE ETF . LTC and DOGE have high chances of being approved because they are proof-of-work coins, and the SEC does not view them as securities. It has no reason not to approve them since it approved spot Ethereum and Bitcoin ETFs last year. The Sonic price continued to rise as it gained market share in the decentralized exchange industry. Its total value locked has jumped to over $1.7 billion a few months after its launch. It has also attracted 121 DeFi developers because of its revenue-sharing model. DEX networks in Sonic handled over $3.47 billion in volume in the last 30 days, making it one of the top chains in the industry. Aerodrome Finance (AERO) price has also jumped as its volume soared since it is the biggest DEX network in the Base network. The post Crypto market today: Sonic, Litecoin, Dogecoin, AERO jump as Bitcoin hits $97k appeared first on Invezz

Source: Invezz