Crypto Market on the Brink of Explosion: Is $10 Trillion Cap Potential Imminent?

Key Points

Major cryptocurrencies and memecoins fuel the ongoing crypto bull run, with Bitcoin approaching $62,000.

Experts forecast that the crypto market could potentially soar to $100 trillion.

Market Dynamics

The past week brought notable events in the crypto market:

• The US presidential debate indirectly boosted the market despite no direct discussions on crypto.
• The SEC encountered legal challenges in cases involving Consensys, Binance, and Ripple.
• Growing anticipation surrounds the potential approval of an Ethereum ETF and recent filings for a Solana ETF.

Market Predictions

On July 1st, the crypto market surged, with many coins experiencing daily gains over 2%. Bitcoin, as the dominant cryptocurrency, rose by 2% in the past 24 hours, nearing $62,000.

Dan Tapiero, Founder of 1Roundtable Partners, shared his bullish outlook. Initially, he forecasted a market cap of $10 trillion for cryptocurrencies. Given recent developments and rapid growth, he has significantly increased his estimate.

Tapiero now predicts that the crypto market could reach $30 trillion, $70 trillion, or even $100 trillion in the future. He believes that reaching the $10 trillion mark within 18 to 24 months is a realistic possibility.

Role of Memecoins

Alongside major cryptocurrencies, memecoins contribute to driving the crypto market. This trend is evident in CoinMarketCap's recent trending coins, which featured three memecoins. Dogecoin, among them, showed a 2.22% increase in the past 24 hours.

Analyst @cryptosanthoshK shares the sentiment, suggesting the coexistence of both memecoin and altcoin seasons.