Bitcoin (BTC), continues its rise. Over the past week, BTC surged by over 10%, hitting a new all-time high of $108,000. After experiencing some volatility, the asset has stabilized around $107,000, according to CoinGecko.
The new price peak coincided with MicroStrategy’s latest Bitcoin acquisition, a purchase of 15,350 BTC at an average price of $100,386 per coin. This brings the company’s total holdings to an astounding 439,000 BTC, valued at nearly $47 billion at current rates.
Analysts believe massive institutional purchases like this reduce Bitcoin’s availability on the open market, potentially fueling further price rallies if demand remains steady or increases. However, past announcements of similar purchases by MicroStrategy briefly caused BTC’s price to dip.
Bullish sentiment in the crypto community is palpable. Popular analyst Jake Gagain predicts BTC could reach $250,000 this cycle, while Michael van de Poppe suggests a target as high as $500,000.
XRP Rallies Above $2.50 Amid Stablecoin Launch
Ripple’s XRP has also seen an impressive surge, climbing over 130% in the past month to trade above $2.50. This price rally is attributed to the general crypto market revival and the impending launch of Ripple’s stablecoin RLUSD, set to go live across multiple exchanges in the coming days, including Uphold, MoonPay, Bitso, and CoinMENA.
The recent price movement has prompted bullish forecasts for XRP. Analysts like Dark Defender have set short-term targets at $5.85 and $8.76, while identifying critical support levels at $2.29, $2.24, and $2.02.
However, others, such as X user Scofield, recommend caution, advising investors to consider profit-taking if XRP climbs to $5.00.
