In the past 24 hours, the cryptocurrency market continued to be vibrant with total capitalization reaching more than 4.18 trillion USD, maintaining a strong growth momentum compared to the end of 2024. The upward momentum is driven by capital flows from large financial institutions and a favorable macro environment.
Bitcoin (BTC) led the trend when it reached 124,274 USD, setting a new record early this morning Vietnam time. As of 8:30 am, BTC prices have decreased slightly, at 123,700 USD.
Analysts say that expectations of the US Federal Reserve (Fed) to soon cut interest rates and digital-friendly financial reforms from the federal government are the main driving force.
Some experts predict that if it breaks above the 125,000 USD mark, the BTC can aim for the 150,000 USD target in the medium term.
"Queen" Ethereum (ETH) also made her mark when it increased to 4,780 USD, the highest level since 2021.
This breakthrough is supported by ETF capital flows, network upgrades such as Pectra upgrades and a more transparent legal framework after the Genius Act to adjust stablecoin was passed.
Expert Shubh Varma (Hyblock Capital) called this a "catch-up trade" as ETH is narrowing the gap with BTC and even possessing stronger internal growth momentum.
Solana (SOL) was the most prominent bright spot with an increase of about 14%, surpassing the 200 USD mark. The explosive trading volume and attraction from the altcoin investment community temporarily outperformed the BTC and ETH growth rate.
Analysts say this could be the start of an altcoin season as the market shifts interest from Bitcoin to widely applicable and fast-growing markets.
While BTC is still a stable pillar, ETH and SOL are making the most of the market's excitement to expand market share.
In Vietnam, Bitcoin and other cryptocurrencies are not recognized as legal payment methods and are not protected by law. Investors need to be cautious, avoiding risks from strong price fluctuations and fraud related to cryptocurrency.
