After a month of low-volatility trading below USD 9,500, bitcoin (BTC) finally broke through the level, helped by a surge in ethereum (ETH) and other major altcoins.
Although the rally was not unusually strong for a cryptoasset like bitcoin, getting the price of the asset above USD 9,500 is seen as an important stepping stone on the way to the more important USD 10,000 level, which has proved difficult for BTC to break through.
As of press time (06:17 UTC), bitcoin still remained just north of the USD 9,500 level, trading at USD 9,508, up 1.7% over the past 24 hours. In addition to pushing the price of the asset above this key price level, however, the overnight rally in bitcoin also brought it above the important 50-day moving average line, which has previously signaled the beginning of larger uptrends.
For ETH, however, last night’s rally was even more significant than for BTC, with a 24-hour gain of 7.5% to a price of USD 262. And following the ethereum rally was also many other major altcoins, with bitcoin cash (BCH) and bitcoin SV (BSV) gaining 4% and 3%, respectively. Meanwhile, the recently strong altcoin chainlink (LINK) once again stood out as the best-performing asset among the top 10 cryptoassets by market capitalization, trading up by almost 8% over the past 24 hours to a price of USD 7.70 per token.
Commenting on the rally on Twitter this morning, Co-founder and Partner at crypto hedge fund Spartan Capital, Kelvin Koh, said that “risk appetite has been rising” and that “it is just a matter of time before this bullishness spills over to BTC and ETH.”
“I expect BTC to convincingly punch through USD 10.5K and head to USD 14K in a jiffy. The party has started,” the fund manager said.
Credit: Source link