- The altcoin markets still follow Bitcoin concurrently
- Bitcoin revitalizes the digital currency market
- The altcoin rally is likely to continue in the short-term
Cryptocurrency News Today – The price trend of Bitcoin (BTC) has always had a major effect on the majority of altcoins in the market. Whenever the price of the digital currency surges higher, several major altcoins will follow suit and vice versa. Recently, the price of Bitcoin surged from lows of $6,859 and it has revitalized the markets.
The recent surge of BTC paved the way for many altcoins to post considerable gains and recover decently from their recent lows. One crypto analyst is currently pointing out that the ability of many digital currencies to surge alongside with Bitcoin (BTC) is a bullish sign.
Bitcoin (BTC) Price Today – BTC / USD
The Momentum of BTC Paves the Way for Altcoin Markets
At press time, the world’s largest digital currency by market cap is trading at $7,564 after an increase of about one percent over the past twenty-four hours. This marks a considerable increase from the daily lows of $7,300 and a notable upsurge from its recent year-to-date low of $6,859. It is vital to note that this significant price surge has not come about at the expense of other digital currencies, as the majority of altcoins have been amass to amass significant gains. This rally has helped them to put some distance between their recent lows and their current prices.
Ethereum (ETH) is one of the top gainers of this rally. The price of the digital currency has surged significantly over the past few days. It is currently trading close to the $140 mark from its recent lows of $126.
Another coin that has amassed considerable gains in the course of the rally is Litecoin (LTC). Litecoin has enjoyed some good gains, as it jumped from its weekly low of $39 to highs of $45. Since the markets are keeping track of BTC, for both better and worse, it seems all eyes are on the digital currency to see where it would go next.
DonAlt – a crypto analyst – believes that the next BTC move could greatly favor bulls. In a tweet, he said:
“$BTC People are gonna call inverse head and shoulders on this one. That makes me think we go and test the neckline (upper red line). Once there I think we either fake-breakout and dump back down or breakout for real which will lead to a short-squeeze. I remain bullish,”
The Altcoin Rally May Continue in the Coming Days
The crypto analyst also gave his opinion on the general digital currency market. In a tweet, he explained that the fact that altcoins have been able to ride along with BTC might signal that this recent rally has some long-term significance.
Pumps like this are usually not significant but considering that this happened to multiple big alts WHILE BTC was also going up is something I find significant.
We'll have to wait for some ranges to get reclaimed to be reasonably sure but the initial step sure looks nice. pic.twitter.com/nAMMvxgHlD
— DonAlt (@CryptoDonAlt) January 3, 2020