thecryptobasic.com
Forbes senior contributor Billy Bambrough believes digital assets like XRP may be set for unprecedented rallies amid projections of Bitcoin hitting $150,000 by 2025.
In a recent publication, Bambrough emphasized that Bitcoin’s value has grown more than 100% over the past six months to reach $64k. He noted that this significant growth rate has propelled the market values of competing crypto projects such as XRP.
Notably, during this period, XRP surged by 26% from $0.4744 last September to its current value of around $0.6.
Bitcoin, XRP Set for Unprecedented Surge
The Forbes contributor attributed the Bitcoin rallies to the recently licensed Bitcoin exchange-traded funds (ETFs).
Meanwhile, Bambrough noted that Bitcoin and the broader crypto market are poised for “unprecedented institutional adoption,” citing analysts at Bernstein.
‘$150,000’ By 2025—Bitcoin Braced For An ‘Unprecedented’ Wall Street Price Earthquake After Breaking $60,000, Boosting Ethereum, XRP And Crypto https://t.co/BR7ernYTiP
— Forbes (@Forbes) February 29, 2024
According to Bernstein analysts, Bitcoin is on track to hit $150,000 within 18 months due to this institutional adoption.
Also, the contributor quoted Alex Kuptsikevich, senior analyst at FxPro, who noted that while it may be more logical to anticipate weak performance before a halving, the reality suggests otherwise.
Kuptsikevich emphasized that investors must acknowledge this discrepancy, attributing it to “institutionalization.”
Meanwhile, the Forbes commentator highlighted additional factors that could support Bitcoin’s ascent to $150k.
In particular, he referenced Wall Street heavyweights like BlackRock, which have recently entered the Bitcoin market via exchange-traded funds (ETFs).
As The Crypto Basic recently reported, these ETFs have seen staggering inflows exceeding $6.11 billion in less than ten weeks of launch.
Besides, Bloomberg’s senior ETF analyst Eric Balchunas recently disclosed that the newly licensed nine ETFs experienced an unprecedented single-day volume of $2.4 billion on Monday, February 26.
It's official..the New Nine Bitcoin ETFs have broken all time volume record today with $2.4b, just barely beating Day One but about double their recent daily average. $IBIT went wild accounting for $1.3b of it, breaking its record by about 30%. pic.twitter.com/MiCs1rzttM
— Eric Balchunas (@EricBalchunas) February 26, 2024
Furthermore, Balchunas highlighted the staggering $1.3 billion in trading volume for BlackRock’s spot Bitcoin ETF is deemed “insane” for a newcomer in the ETF space.
He emphasized that such volume indicates significant institutional interest, reaching a level that demands more institutional consideration.
XRP When Bitcoin Reaches $150k
Notably, with Bitcoin’s price currently at $62,500, reaching $150,000 by 2025 as projected signifies a bullish rally of 140%.
Applying a similar percentage increase to XRP’s current price of $0.5938 would place its price at approximately $1.43.
However, such a price target would not be unprecedented for XRP, as the asset reached $3.84 in 2018.