- Major cryptocurrencies and memecoins fueled the current bull run, with Bitcoin approaching $62,000.
- Experts predicted that the crypto market could reach $100 trillion in size.
The past week has been a rollercoaster for the crypto market, starting with the first presidential debate, which had a positive impact on the market despite neither candidate discussing crypto directly.
Then there was the SEC, which faced setbacks in several legal battles, including cases against Consensys and Binance [BNB]and Ripple [XRP].
Additionally, there is ongoing buzz around the possible approval of an Ethereum ETF and the recent filings by two asset managers for a Solana ETF.
YouTuber Scott Melker best said when he said:
“This was one of those weeks where ten years happened in one week.”
Good day for the crypto market!
From July 1, the crypto market went completely green, with daily increases of more than 2% for many coins. Bitcoin [BTC]the leading cryptocurrency, is up 2% in the past 24 hours and is approaching the $62,000 mark.
In response to this increase said Then Tapierofounder of 1Roundtable Partners, shared his insights on a recent episode of the podcast “The Wolf of All Streets,” saying:
“I think there are plenty of Bitcoin holders who own Bitcoin, and they will benefit from this. And I certainly see us moving north to about $150,000 in the next 18 months.”
Initially, Tapiero predicted that the crypto market could reach a total market capitalization of $10 trillion. However, due to recent developments and the rapid growth of the sector, he has significantly revised his estimate.
Now he believes the market could potentially reach $30 trillion, $70 trillion or even $100 trillion in the future.
He also said the market could realistically reach the $10 trillion mark within 18 to 24 months.
This was further confirmed by CoinGeckos recent X (formerly Twitter) post, which noted:
“Total #crypto market cap increased 4% today to $2.46 trillion, while #Bitcoin regains $63K. Are you buying, selling or HODLing?”
Explaining the reasons behind the upcoming bull run, an X account – Mystery of Crypto – explained:
Source: Mystery of Crypto/X
Memecoins cannot be overlooked
However, it is important to note that in addition to the major cryptocurrencies, memecoins also play an important role in boosting the crypto market.
This was further confirmed by CoinMarketCaps recent trending coins, including three memecoins. One of the most prominent is Dogecoin [DOGE]which saw an increase of 2.22% in the past 24 hours.
Source: CoinMarketCap
Sharing a similar line of thought, @cryptosanthoshK noted,
“I just feel like we’re going to see both memecoin and altcoin seasons together.”