- Crypto market calms, Bitcoin holds gains.
- Altcoins mixed: some lag, others soar.
- Analysts see potential for continued rise.
The cryptocurrency market has exhibited less dramatic price fluctuations in recent days, compared to the more volatile weeks that came before. For example, Bitcoin experienced a modest decline of 0.68% over the past 24 hours. Similar downturns have been observed in leading altcoins like Ethereum (ETH) and BNB.
Taking a broader view, cryptocurrencies are still holding onto some of their weekly gains. Notably, Bitcoin traded around $61,000 last week before appreciating to the $67,000 range.
It’s important to note that Bitcoin achieved the $67,000 level without sharp price movements. While Bitcoin did experience occasional price dips throughout the week, it has managed to retain its recent gains. Overall, Bitcoin is still up over 8% for the week.
While Bitcoin has steadily climbed, some altcoins have not followed its upward trajectory. For instance, BNB, XRP, and TRON have all seen declines in their weekly performance.
On the other hand, prominent altcoins like Solana (SOL) and Chainlink (LINK) have capitalized on Bitcoin’s less volatile movement to achieve growth exceeding 20%.
Commenting on the current market trends, prominent market analyst Michaël van de Poppe highlighted the recent decrease in volatility. He suggested that the witnessed in recent months may not be the immediate future. Van de Poppe believes Bitcoin may continue its gradual ascent to reclaim other lost ground.
Another analyst, Ali Martinez, previously suggested that Bitcoin could potentially rise towards $76,610 if it managed to reclaim support at $64,000. Bitcoin not only regained this key level, but also surged to $67,500, suggesting a potentially upward trajectory for the crypto market.
Echoing a similar sentiment, Van de Poppe suggested in a recent commentary that altcoins may have completed their price corrections. He anticipates a gradual but steady rise for altcoins in the coming months, potentially outperforming Bitcoin during periods of lower volatility.
The bottom line is that the cryptocurrency market has entered a period of relative calm, with Bitcoin exhibiting modest price swings while holding onto weekly gains. While some altcoins have lagged behind, others have capitalized on Bitcoin’s stability to achieve significant growth. Prominent analysts remain optimistic, suggesting Bitcoin could continue its ascent and altcoins might even outperform the leading cryptocurrency in the coming months as volatility subsides.
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