In a recent analysis from COINOTAG dated May 22nd, eToro Australia’s esteemed analyst, Reece Hobson, discussed the factors contributing to Bitcoin’s remarkable ascent to a historical peak of $110,000. He highlighted that significant institutional investments, particularly via the U.S. Bitcoin Spot ETF, have propelled billions into the cryptocurrency market. Additionally, macroeconomic conditions such as heightened liquidity, a depreciating dollar, and persistent geopolitical tensions have been influential.
Hobson emphasized the potential for an altcoin rally, citing two critical prerequisites: the initiation of quantitative easing to amplify liquidity, alongside Bitcoin dominance (BTC.D) rising to approximately 70% from its current level of 64%. These indicators point to a dynamic shift in the cryptocurrency landscape, underscoring the intricate interplay between market forces and regulatory developments.