Short-Term Altcoin Surge: What’s Driving the Market This Month?
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The crypto market has recorded massive growth in value during the past weeks, as Bitcoin price has successfully broken out of its important resistance level at $31,000.
At the time of publishing, Bitcoin was hovering around $34,800. The star crypto had managed to break out of its major resistance level at $35,000 and further record a high of $36,000.
Source: Santiment
However, the rally was short-lived as the price experienced a significant pullback in its value. If the BTC price breaks out of the $35,000 and stays strong, it is expected to run toward its next major resistance zone between $36,500 and $37,000.
Altcoins Outperforming Top Cryptocurrencies This Week!
Following the market pump, Altcoins have started to gain momentum and cover up for the lost momentum they once had. Many altcoins have recorded a massive surge in their values, with some experiencing returns of over 100% within the past month.
Status a Mid-cap altcoin has recorded a jump of 108% in the past seven days, making it the best performer in the industry. Followed by Shushiswap with a rise of over 82% and Bluzelle token with a rise of over 39% in the past week.
The overall market is gaining momentum as each category has been performing. Further, the crypto space recorded a new yearly high for many tokens as major cryptocurrencies have successfully breached their important resistance levels, indicating a strong bullish influence in the market.
Altcoin Season Around The Corner?
Considering the present market sentiments into consideration, many analysts and investors predict an altseason to ignite in the coming time, as all the technical sentiments indicate a massive uptrend for these coins.
If Ethereum price manages to break out of its important resistance level at $1,900 and stay strong, it could attract more investors toward it. Further, if the ETH regains the $2000 mark, this would result in the altcoins gaining massive attention in the market, resulting in a possible altseason rally.
Filed under: Bitcoin - @ November 4, 2023 10:20 am