Bitcoin, the leading cryptocurrency, soared to a new all-time high on Friday, breaking above $3,400 for the first time in nearly a year. The price of the digital currency skyrocketed by more than $500 in the hours after the start of trading, and was up more than $600 by the close of trading on Wall Street. It will also likely be the first “pure” cryptocurrency (i.e. bitcoin, ethereum, ripple) to break the $36,000 mark, which is known as the Wyckoff Point.
Bitcoin is the largest cryptocurrency with a market cap of over $150B, and a new report from the cryptocurrency-focused publication CoinDesk claims that it has a new bullish trend to test. Bitcoin is coming off a sixth consecutive weekly gain and is now up almost 60% year-to-date at $36K, and a further 15% against the dollar. Bitcoin’s market share has also risen to over 40%, while altcoin market cap has grown to over $800B, compared with $300B at the start of the year. I’ve been talking about Bitcoin’s importance to my subscribers lately, and this is an area where I see it breaking out in the very near future.
As the crypto markets grind sideways, Bitcoin is getting ready to take out a key Wyckoff point. The short-term probe to the $36K level has been confirmed by a number of high-profile trading pairs, but as the markets grind up, altcoins are getting crushed as they grind their way to the bottom.Bitcoin (BTC) rose on the 6th. July towards the important Wyckoff level, as the BTC price movement led traders to expect a sharp rise in altcoins.
1 day candlestick chart BTC/USD with comments. Source: Filbfilb/Twitter
Bitcoin vs Altcoins in agrinding game
Meanwhile, conditions could be favorable for altcoins to earn more than bitcoin in the medium term.
Related: The price of Ethereum could surpass that of Bitcoin by as much as 40%, says an analyst in the context of the upcoming London fork.
According to trader Michael van de Poppe, in an atmosphere where cryptocurrencies are trending upwards, BTC/USD may not be the only one of interest.
Altcoin is likely to grow much faster than bitcoin in the near future, he told his followers on Twitter on Tuesday.
They looked good and were wiped out when bitcoin dropped to $30,000 the other day. As such, I expect them to continue to outperform #Bitcoin in the coming months.
Some of the top 50 cryptocurrencies by market capitalization rose 10% overnight. Ether (ETH), the largest altcoin, was trading 3 percent higher at $2,340. Meanwhile, many DeFi tokens have been growth leaders over the past 24 hours, including SUSHI and AAVE, which are up more than 20%.News of BTC being bought may have you wondering which altcoin is the next bitcoin killer. While you may be tempted to sell your BTC holdings in anticipation of the next big coin, you could be really missing out.. Read more about wyckoff bitcoin tradingview and let us know what you think.
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