Bitcoin (BTC) has kicked off the new week with a new all-time high (ATH) of $121,543, at the time of reporting. The digital gold soared to new heights with a 3.12% hike in the past 24 hours and 11.33% in the past seven days. Moving with the flow, altcoins such as Ethereum ($3,047), XRP ($2.93), Solana ($167.28), Cardano ($0.7619), and others also posted solid gains.
What’s driving Bitcoin and other altcoins to surge?
Analysts and several reports echo the same findings: the political climate in the US and the huge inflow of ETFs! The crypto-supportive ambience of the US, including the first BTC Exchange-Traded Funds (ETFs), ‘Crypto Week’, Bitcoin Reserve, and the anticipated final passage of the GENIUS Act, along with institutional adoption of cryptocurrencies, could have turbocharged the current market trend.
British bank Standard Chartered’s predictions on Bitcoin are noteworthy. According to the bank executives, BTC could likely hit $200,000 by the year-end and $135,000 by the end of the third quarter. Its broader vision for Bitcoin is also gaining traction as it is expecting $500,000 price tag for the coin in 2028. The bank attributes the reasons to the crypto-friendly regulatory atmosphere in the US.
In the future, if the interest rate falls, there could be more potential for the crypto market to go up.
However, at the moment, no interest rate cut has been announced. As such, the US President, Donald Trump, is pointing fingers at Federal Reserve Chairman Jerome Powell, criticizing him for not lowering the interest rate and calling for his resignation.
