The post Bitcoin pumps 10% to break $89K; traders now buying these altcoins for the bull cycle appeared on BitcoinEthereumNews.com.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only. Bitcoin surged past its March ATH to over $89K, sparking trader interest in altcoins like Pepe Unchained, Dogecoin, AIOZ, and Crypto All-Stars What happened after Bitcoin broke its March all-time high (ATH) last week shocked everyone – it has continued to surge and now trades above $89K. But as Bitcoin teeters on the revered $90K mark, traders are pouring funds into altcoins such as Pepe Unchained, Dogecoin, AIOZ Network, and Crypto All-Stars to maximize their gains. Bitcoin’s new high and $100k in reach  Every sell-off has been eagerly absorbed by Bitcoin bulls who’ve been waiting for this opportunity for months. After creating an ATH in March, Bitcoin and other cryptos underwent an extended downtrend, which lasted until September. But after bouncing from just above $50K, Bitcoin is now trading at $89K for the first time in history. Yet, traders are looking much further ahead, even at the $100K mark and beyond. What if $100k $BTC is like the $10k level in 2017, everyone expected it to be a huge resistance, but it smashed through and went straight to $20k… pic.twitter.com/S5heD6JPyj — Rendoshi Tokamoto 암호화폐 ⭕️ (@Rendoshi1) November 12, 2024 The hype is real for Bitcoin right now. Low funding rates and diminishing exchange supply It’s not fueled by euphoria, either. Traders are taking long-term bets. Coinglass data indicates that the recent ascent is enabled by spot buys rather than leveraged futures contracts, which makes it more well-equipped for a longer-term rally. At the same time, the amount of Bitcoin held on exchanges is at an all-time low. This shows investors are moving BTC off exchanges, which means they’re holding it long-term and don’t plan on selling – the bedrock…

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Filed under: News - @ November 13, 2024 12:23 am