Altcoins bag double-digit gains as Bitcoin price approaches $37,000
The past week has seen altcoin market cap rise by approximately $12 billion, with ripple up by almost $3 billion, and ethereum up by $3.2 billion. The past week has also seen bitcoin return to the $37,000 price mark, a level last seen in mid-December.
Bitcoin has had a great year so far, with a recent price increase pushing its total value up to over $10 billion. But the cryptocurrency’s largest rival, Ethereum, has managed to make a comeback, with a nearly 30% increase in value over the last month, and is now trading at about $300. Ethereum has been seeing a lot of traction as of late, with banks and other financial institutions starting to experiment with the blockchain tech to see how it could be used in a variety of ways. As a result, it seems altcoins are also enjoying a boost in value.
Despite Bitcoin’s continued dominance over the cryptocurrency market, altcoins are still finding ways to make gains. BTC is currently trading on a price of $37,000, up from $3,000 last month. This week, altcoin newcomer Ethereum has seen its price increase to $355, up from $200 last month.. Read more about why did bitcoin spike and let us know what you think.
Cryptocurrency prices rose on the 29th. June saw a jump in the price of bitcoin (BTC), which surpassed the $35,000 resistance level and increased the total market value by $93 billion, $50 billion of which was transferred to altcoins.
Bitcoin gained 7% today and rebounded above the $36,000 level, leading traders to expect a rally to the $38,000 to $41,000 level if BTC can overcome the $35,000 level as support.
Daily indicators for the crypto-currency market. Source: Coin360
When the market turned green, Cointelegraph Markets Pro’s data tracked notable uptrends in several individual altcoins, including Polygon (MATIC), SushiSwap (SUSHI) and PancakeSwap (CAKE).
The first coin to gain traction lately is Polygon (MATIC), the second-tier Ethereum (ETH) networking solution, which has risen 35% in price since launching on the 22nd. June reached a low of $0.93 when BTC dropped below $29,000.
Cointelegraph Markets Pro’s VORTECS™ data began on June 27. that is, before the recent price spike, we could see a bullish outlook for MATIC.
VORTECS™ score (green) compared to the MATIC price. Source: Cointelegraph Markets Pro
As you can see in the chart above, the VORTECS™ score for MATIC reached 80 and was released on the 27th. green June, at the same time that MATIC’s share price began a 21% rally, rising from $1.03 to $1.25 in the next 48 hours.
The NewsQuake™ alert system picked up news of MATIC’s listing on OKEx on June 28, after which the VORTECS™ score peaked at 91 and the stock price rose 10% on the 29th. June rose.
SushiSwap (SUSHI) was also identified as a strong move by Cointelegraph Markets Pro after the asset’s VORTECS™ score moved higher.
ScoreVORTECS™ (green) versus SUSHI price. Source: Cointelegraph Markets Pro
As you can see from the chart above, market conditions have been favorable for SUSHI for some time. The VORTECS™ score turned dark green and recorded a score of 0.5 on June 27 a value of 80, just four hours before the price rose 30% from $6.47 to $8.45 over the next two days. SUSHI’s share price has fallen from its June 22. low to $3.96, up 42%.
Pancake Swap (CAKE)
Cointelegraph Markets Pro data also reported a bullish VORTECS™ score for PancakeSwap (CAKE), an automated market maker and decentralized exchange based on the Binance smart chain.
VORTECS™ score (green) versus CAKE price. Source: Cointelegraph Markets Pro
As you can see in the chart above, the VORTECS™ score for CAKE has been in the green for most of the past week, with a score of 72 on June 27, which was about five hours before the stock price skyrocketed 21% from $11.83 to $14.44 in the two days that followed. CAKE’s share price is now 50% above its low of $9.64, which was also reached on the 22nd. The month of June was recorded.
Bitcoin reaches top $36,000
The strength the altcoin market has seen in recent days is largely due to the strong performance of bitcoin, which has finally broken through the $35,000 resistance and is currently trading at $36,400.
4 hour chart BTC/USDT. Source: TradingView
Data from Cointelegraph Markets Pro and TradingView show that after trading between $35,300 and $33,850 on Monday, the price of bitcoin jumped 6.65 percent on Tuesday, from a low of $34,200 to an intraday high of $36,509.
Traders are now targeting the $41,000 resistance level as the next hurdle to overcome in the near future.
Our first GREEN BAR has been printed!
(Ventilation) : The move started with a confirmed topping signal with bearish changes on the RSI. This has led to a confirmed bullish reversal with bullish RSI reversal points and bullish RSI momentum. We finally got the green light.
Next resistance is $41k! pic.twitter.com/3vAoE4I9TQ
– John Wick (@ZeroHedge_) 29. June 2021
The total cryptocurrency market is currently $1.48 trillion, in which bitcoin has a 46.1% share.
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Cointelegraph.com. Every investment and every transaction involves risk. So you need to do your own research before making a decision.
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