After a month of trading with low volatility below $ 9,500, bitcoin (BTC) finally broke through the level, helped by a surge of ethereum (ETH) and other major altcoins.
While the rally was not unusually strong for a cryptoasset such as bitcoin, getting the asset’s price above $ 9,500 is seen as a significant step towards the more important USD 10,000 level, which proved difficult for BTC to continue. break.
As of the time of the press (06:17 UTC), bitcoin still remained just north of the USD 9,500 level and was trading at $ 9,508, up 1.7% in the past 24 hours. In addition to pushing the asset’s price above this key price level, the overnight rally in bitcoin also took it above the key 50-day moving average line, which previously signaled the start of larger uptrends.
For ETH, however, last night’s rally was even more important than for BTC, with a 24-hour gain of 7.5% to a price of USD 262. And after the ethereum rally, there were many other major altcoins, with bitcoin cash ( BCH) and bitcoin SV (BSV) win 4% and 3% respectively. Meanwhile, the recently strong altcoin chain link (LINK) once again stood out as the top performing asset in the top 10 cryptoassets by market capitalization, which rose nearly 8% in the past 24 hours to a price of $ 7.70 per token.
Co-founder and partner this morning at crypto hedge fund in response to the rally on Twitter Spartan capitalKelvin Koh, said that “risk appetite has increased” and “it is only a matter of time before this bullishness turns into BTC and ETH.”
“I expect BTC to convincingly hit $ 10.5K and go to $ 14K in no time. The party has started, ”said the fund manager.