Following several indications and predictions from crypto experts and platforms, the market price of BTC has soared. Several speculations were made that the coin would bull up to $20k to $22k over the weekend. However, the assumptions seem to be coming to reality.
BTC Market Price Currently Above $22K
Cryptocurrency giant BTC seems to be back again on its feet with its new movement and trendline. This action comes after several weeks of roaming at a point, bearish trendline, sideways motion, and losses made by investors. This new price for the coin has soared the total cryptocurrency market cap value to over $1 trillion.
The 8% increase that was recorded in the coin market price is being regarded as a breakout. The cryptocurrency market at large has been experiencing a drop in the price of coins since April. All currencies and tokens were all affected by the downtrend, which seems to be over.
BTC Investors, buyers, and traders’ hopes are high, expecting a new bullish movement after the coin almost reached $22.5k today. Bullish trendline/movement is being expected and predicted. BTC may likely foil out from the bear flag it’s currently experiencing. If that happens, the $22k market price will be sustained and soar higher.
Altcoins Follows BTC Lead, Crypto Market Cap at $1 Trillion
Altcoins, including ETH, have followed the BTC’s lead and are presently enjoying the rally. Earlier today, most of these coins’ market prices also flew up the market. Some were up to a 10 – 15% increase, and the dominance for BTC increased by 0.5%.
However, according to analysis and predictions, ETH is believed to have led and helped the bullish rally in the market. The coin is also breaking its bear flag, and its market price may attain or go above $1.5k anytime soon. Analysis from the past week shows a 48$% increase in the coin’s market price.
Predictions state that the rising movement may be retested, and BTC dominance will continue to increase. Other coins will continue to recede unless the activity is broken, allowing them to start their rally.
Altcoins Enjoying the New Rally
Generally, altcoins are beneficiaries of the movement, but the rally is enjoyed more than each other. Some coins are being favored bountifully, while others are merely wanting the rally.
One of the topmost beneficiaries of the new movement is Matic. Earlier today, the coin market price surged 18%, higher than the BTC movement. RSI indicator also predicted a higher coin price. Another affected by the movement is Rune. It also recorded an approximate increase of 17% in its market price. However, analysis shows a relative bearish signal for the coin.
Avax is another top beneficiary of the rally in the cryptocurrency market, following the lead of ETH. Avax recorded an approximate 48% increase in market price in the past seven days and a 13% increase in the past 24 hours. Indicators are higher in the next few days for the coin market.
The current rally came around unexpectedly, already predicted. There are speculations that the speech by the SEC chairman regarding supporting BTC may have been a catalyst.
The Exchange Commission chairman revealed that some policy structures that cryptocurrencies will be relaxed. This announcement may have caused an upsurge in the market and boosted the rally. Investors and buyers may have high hope regarding the cryptocurrency space/industry.