Not only is Bitcoin rising strongly, but this wave of market activity has also benefitted other cryptocurrencies. Geoff Kendrick further mentioned that he believes Solana (SOL) is likely to break its all-time high before the end of the year, with a high probability of outperforming Bitcoin.
Amid a frenzy of capital, Bitcoin is surging fiercely and frequently setting new highs. Today (11th), it briefly broke through $81,600, setting a new record price. Analysts at Standard Chartered expect that this wave of Bitcoin's momentum is far from over, with the potential to continue its ascent and easily break the '100,000' barrier by the end of the year, possibly reaching as high as $125,000.
According to CoinGecko market data, as of the time of writing, Bitcoin is priced at $81,266, having risen over 5% in the past 24 hours; Ethereum has increased by 1.5% to $3,190; Solana (SOL) has risen by 3.5% to $209.75; Dogecoin (DOGE) has surged over 28% to $0.2901.
Geoff Kendrick, global head of digital assets research at Standard Chartered Bank, stated that Bitcoin's market outlook is promising, and it should easily break $100,000 before the options expire on December 27. He added:
My prediction for Bitcoin reaching $125,000 by the end of the year remains unchanged, but if it has not achieved this by December 31, it is also very likely to hit this target price around January 20, close to Trump's inauguration.
Solana is 'highly likely' to break its all-time high.
Not only is Bitcoin rising strongly, but this wave of market activity has also benefitted other cryptocurrencies. Geoff Kendrick further mentioned that he believes Solana (SOL) is likely to break its all-time high before the end of the year, with a high probability of outperforming Bitcoin.
SOL is certain to set a new high before the end of this year (the historical high point in November 2021 was $260), while Ethereum may have to wait until the new government officially takes office before it has a chance to break the $4,866 high set in November 2021.
After Trump's election victory, the cryptocurrency market was in a frenzy. Cardano (ADA) founder Charles Hoskinson recently stated on a podcast that he would actively seek favorable cryptocurrency policies from the Trump administration, also mentioning that he has some connections with insiders in the government, hoping to participate in policy discussions in the future. This statement led to ADA surging over 35%.
Geoff Kendrick predicts that as Bitcoin's popularity drives the rise of other coins, the total market capitalization of the cryptocurrency market is likely to continue climbing.
I believe that as the use cases for cryptocurrencies expand, the total market capitalization of crypto assets could reach $10 trillion by the end of 2026.
