Crypto Market Opens Monday With A Boom As Bitcoin Heads Toward Previous Record

The crypto market kicked off with booming optimism Monday, with Bitcoin prices touching $66,230 at 2.10 am ET, a whopping 7.09% change from the previous day, while Ethereum and Dogecoin also saw a jump of over 4% in prices.

The global crypto market cap stands at $2.87 trillion, a 4.67% change from the last day, as per the data released by CoinMarketCap.

The rise in Bitcoin price comes as global investment bank JP Morgan renewed its prediction for the cryptocurreny to hit $146,000 in the long term. JP Morgan strategist Nikolaos Panigirtzoglou was quoted by the Business Insider as saying that the re-emergence of inflation concerns among investors during the last two months was one of the top reasons for renewed interest in bitcoin.

Bitcoin touched an all-time high of $66,900 on Oct. 20, which coincided with the first Bitcoin ETF debuting on the New York Stock Exchange.

Ethereum, the second most popular crypto, has also seen a surge in prices and at the time of writing its prices stand at $4,748, a 4.41% change from the previous day. The price hike is in line with Goldman Sachs’ forecast. In a recent note, the bank has predicted that ethereum could hit an all-time high of $8,000 by the year-end.

Meme crypto Dogecoin has also seen a 5.63% hike in prices from the previous day and currently stands at $0.273. Its competitor Shiba Inu, however, faced a plunge of 6.39% and its current price stands at $0.000054.

Polkadot’s coin DOT, which is also scaling towards new highs, stands at $53.04, a 1.04% change from the previous day.

The crypto market is extremely volatile and experts recommend investors not make decisions based on the sudden shift in prices.