Zcash (ZEC), Kusama (KSM) and Hedget (HGET) soar as Bitcoin hits $ 40K

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The sharp correction in Bitcoin (BTC) may have rattled many leveraged traders, but the data shows whales and institutions aggressively bought the downside and now the bulls have shown they are determined to push back the Bitcoin price above $ 40,000. The total crypto market cap also recovered and climbed back above $ 1 trillion.

Daily view of Crypto market data. Source: Room360

Pantera Capital founder and CEO Dan Morehead has said he is sticking to his earlier prediction of $ 115,000 for Bitcoin by August of this year. Morehead believes developments in the digital yuan in China could boost crypto adoption and prove to be a bullish trigger.

Several altcoins have also turned positive and follow Bitcoin higher. Let’s take a look at the fundamental reasons for their rise to determine if there are any possible upside targets.