- Bitcoin breaks over the $8k level
- Bitcoin is showing signs of another bullish rally
- Altcoins set to fuel the next major rally of Bitcoin, as Bitcoin SV and Bitcoin Cash surge 43 and 15 percent respectively
Bitcoin News Today – The significant uptrend of Bitcoin in the first ten days of this year has enabled the majority of altcoins to put some distance between their recent lows and their current prices. Bitcoin (BTC) has been outperforming most of these altcoins, although that may soon change as the aggregated digital currency market starts incurring some major momentum.
Some analysts are even saying that most of the altcoins that are surging higher today could be the fundamental factors that helped BTC to surge higher in the short-term.
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin (BTC) Shows Signs of another Bullish Rally
At press time, the majority of digital currencies in the market are deep in the green. Two controversial Bitcoin hard forks – Bitcoin SV and Bitcoin Cash – have been able to surge by 43 percent and 15 percent respectively over the past day. These are not the only digital currencies enjoying huge gains today. Litecoin (LTC) is also posting considerably high gains, with an increase of more than 9 percent. EOS (EOS), which is the eighth-largest digital currency by market cap, is up by more than 10 percent over the past twenty-four hours.
These altcoins are presently riding on the recent bulls of Bitcoin (BTC), as the buyers of the digital currency were able to absorb huge overnight selling pressure that almost pushed the price of BTC below the $7,700 support. The strong defense of buyers over this level helped Bitcoin (BTC) break over the $8k level. At the time of writing, Bitcoin (BTC) is trading at $8,127 after an increase of more than four percent over the past twenty-four hours.
A popular digital currency analyst on Twitter – Jonny Moe – recently said that it is “go time” for the world’s largest digital currency by market cap. The analyst referenced a chart that shows the resistance Bitcoin (BTC) is currently trying to break over.
Will Altcoins Pioneer the Next Major Bitcoin Rally?
Bitcoin has always led the crypto markets on both downtrends and uptrends, with altcoins tracking its price action closely and following its lead. However, one analyst believes that the next rally of Bitcoin over the $8,500 mark could be pioneered by the bullishness currently surrounding major altcoins.
Another popular digital currency analyst – Loma – also gave his opinion about this in a tweet. The analyst said that he “would not be surprised” if Bitcoin follows the lead of Litecoin and Bitcoin Cash. In his tweet, he said:
“If BCH and LTC are leading the market, I wouldn’t be surprised if BTC follows to about $8,500.”