Bitcoin began to gradually decline after its peak of $69,000 in November 2021. Many news such as “Bitcoin is dead, Bitcoin bubble burst” were put forward for BTC, which fell from these levels to $ 15,000, just like in the old bear seasons.
However, BTC, which entered a recovery period in 2023, exceeded the $ 57,000 level during the day. Thus, those who said “Bitcoin is dead” were once again proven wrong.
BTC, which has experienced an increase of approximately 9 percent in the last 24 hours, reached a market volume of 1.1 trillion dollars.
The total dominance in BTC among the total cryptocurrency market volume of 2.12 trillion dollars has exceeded 53 percent. This shows that the majority of the interest in the market continues to be in Bitcoin.
Although altcoins have performed relatively well against BTC’s rise, they still remain in the shadow of Bitcoin. Although Ethereum, the largest altcoin, moved together with BTC and rose to $ 3270, it seems that other altcoins have not yet made the expected movement.
The most important resistance point for BTC is currently $ 58,000 and the psychological level of $ 60,000. Especially if the rise continues sharply, BTC may become even stronger and altcoins may lag a little further against BTC.
In particular, BTC’s horizontal movements may accelerate money flows to altcoins. In this case, we can see that altcoins that were crushed against BTC experienced serious increases.
Many analysts expect a serious rally in altcoins after BTC’s sharp movements.
*This is not investment advice.
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