Bitcoin Bullish Spillover: Ethereum Eyes $5k, Ripple Targets High-Volume Breakout

investing.com:

Bitcoin's recent climb to new highs this week, following its breakout past November 2021's peak, has sparked optimism across the cryptocurrency market.

Altcoins are experiencing significant surges within short timeframes, signaling a potential bullish phase in the market, as investor interest in the crypto sector intensifies.

Ethereum's journey toward $5,000 faces a critical juncture, while (Ripple) may be poised for a major breakout, and Immutable (IMX) emerges as a key player in the NFT and Web3 gaming sectors.

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Bitcoin has been making new highs since it surpassed its November 2021 peak last week. This bullish trend in the leading cryptocurrency continues to positively influence the entire market.

Examining the current surges in altcoins, the substantial surges within short timeframes for some altcoins are crucial indicators of the market entering a bullish phase.

As observed in previous bullish periods, investors showed heightened interest in the crypto sector during these times.

Positive developments for crypto projects are now being valued much more highly compared to normal market conditions.

Additionally, the developments that sparked the bullish trend for Bitcoin and Ethereum continue to drive demand for sub-sectors within the crypto industry.

The cryptocurrency market capitalization has reached $2.69 trillion today, standing about 11% below its peak of $3 trillion in November 2021.

If the current trend in the global economy persists and inflows into Bitcoin-focused funds extend to other altcoins, we may witness the total value surpassing $3 trillion, potentially reaching a new peak in the $4