Bitcoin’s (BTC) price rallied above $71k again on Wednesday, fueled by heightened demand from institutional investors. On Tuesday, the Thailand SEC approved the first spot Bitcoin ETF as the Australian market welcomed a similar product. In the United States, Fidelity Investments’ FBTC continued to lead in cash inflows with about $378 million and BlackRock’s IBIT with around $274 million.
Consequently, the altcoin industry has gathered fresh bullish momentum. According to the latest crypto oracles, Binance native coin BNB pumped above $700 for the first time. Floki Inu (FLOKI) led the meme coin industry in double percentage points growth in the past 24 hours, following the notable investment from DWF ventures.
Crypto Prices Targets for the Next Twelve Months
According to a popular crypto trader, Ash Crypto, with more than 1.1 million X platform followers, the next twelve months will be wild for the entire digital asset industry. The crypto analyst has set the first Bitcoin price target at around $100k, a major psychological level.
The crypto analyst believes Ethereum’s price will reach $10k and beyond in the next twelve months. Ash Crypto indicated that investors should embrace the idea that the altcoin industry will pump 3x to 5x in a single day. Ultimately, the crypto analyst highlighted that meme coins will reach billions in valuation.
Bigger Picture
The total cryptocurrency market cap is gradually eating into global investment products led by stock indexes and precious metals. On Tuesday, the Indian stock market registered its worst performance in over two years, with more than $400 billion wiped out in a single day. With the upcoming general election in the United States, the cryptocurrency industry is well-positioned to attract more investors fleeing market uncertainty.
