Will Bitcoin’s move above $41K spark an altcoin rally?
The post Will Bitcoin’s move above $41K spark an altcoin rally? appeared on BitcoinEthereumNews.com.
The prices of Ethereum and XRP rallied over the last seven days. DOGE, SHIB, and PEPE showed bullishness as well. Bitcoin [BTC] managed to go above the $40,000 mark after quite a long time. This milestone in the price of the king coin helped the overall altcoin market capitalization cross a critical level. Moreover, on the 3rd of December, X (formerly Twitter) account Rekt Capital highlighted that the altcoin market cap, excluding the top 10 cryptos, touched a critical level. To be precise, the market cap turned its resistance level into a new support. Altcoin Market Cap has been successfully retesting this old resistance as new support for three weeks in a row The downside wicks on the retest are also forming a Higher Low#BTC #Crypto #Bitcoin pic.twitter.com/1GoPxC2iuE — Rekt Capital (@rektcapital) December 3, 2023 Are altcoins planning a rally? Considering the influence of top altcoins on the entire market, it’s imperative to take a look at how coins like Ethereum [ETH] are doing, to better understand what to expect over the days to follow. According to CoinMarketCap, ETH’s price has rallied by more than 10% in the last seven days. At the time of writing, it was trading at $2,251.09 with a market cap of over $270 billion. The king of altcoins’ trading volume also surged over the last 24 hours, which acted as a foundation for the price uptrend. AMBCrypto’s analysis of CryptoQuant’s data revealed that derivatives investors continued to buy ETH at a higher price at press time, as its Funding Rate was high. Additionally, its Taker Buy Sell Ratio was also in the green, meaning that buying sentiment was dominant in the derivatives market. Source: CryptoQuant Other bullish metrics included Ethereum’s Active Addresses and Transfer Volume, which registered increases in the recent past. However, its Exchange…
Filed under: News - @ December 5, 2023 8:18 am