Jack B | Unsplash
It was to be expected that a new Bitcoin ATH is just around the corner. This Monday we find ourselves with Bitcoin breaking above the $122,838 mark. It has had a slight pullback from its high. However, this was no more than 0.8%.
According to an analyst at Bitunix exchanges and derivatives platform, a bullish trend is being reflected by the cryptocurrency market at the moment, which may be due to several reasons, but nothing contradicts that more is being bet on Bitcoin, and consequently, altcoins are also following that upward movement. With this momentum in BTC, a significant volume of short positions have been liquidated (remembering that when shorting, the price is expected to trend downwards, and if the price rises above the margin of the position, the liquidation of the position occurs). The price is expected to rise to a range between $125,000 and $127,000 for pressure to occur leading to further liquidations.
BTC Price | CoinGecko - TradingView
If we look at the major cryptocurrencies positioned by market capitalization, we can interpret that they are following Bitcoin's momentum. Their charts tend to look very similar to each other, and it may mean that this is also a boost in the confidence of those who trade.
Cryptocurrency Prices by Market Cap | CoinGecko
That Bitcoin meets the speculations of remarkable growth is undoubtedly a sign that it is on target to be the world's leading cryptocurrency and much more. In turn, companies tend to follow the strategies of other companies. It is not for nothing that more and more companies are seeking to hoard Bitcoin, following the strategies of the visionary Michael Saylor with Strategy.
On the other hand, Ethereum has also performed well, surpassing $3068, up 3.4% on the day, up 19.9% on a weekly basis. Following on from the above, SharpLink Gaming has acquired the sum of 16,374 ETH, which at the time of purchase was equivalent to approximately $48.85 million. According to blockchain analytics firm Arkham Intelligence, the recently made acquisition brings the company's net worth to a total of $652 million.
Another company that has followed the cryptocurrency treasury line is Dogecoin Cash, formerly known as Cannabis Sativia. The Canadian company has accumulated to date the significant sum of $3.5 million in DOGE.
As we can see, this trend is impacting many companies, interpreting that the crucial moment is now. If the proposed objectives are met to make an abysmal difference in the prices set as a target, we could be talking about sums that would be a turning point for more companies to decide to invest. This, in turn, creates a flow of money that is injected into a market that can grow even more, and what is more important, in which we can participate.
The altcoins have benefited greatly from the momentum that Bitcoin is having. Coins such as Solana, Dogecoin and Cardano, have reflected an exceptional increase that translates into 2.7%, 4.2% and 2.4% respectively. We must keep in mind that these are not just plain and simple cryptocurrencies. Behind them we find an important economy, containing an expanding ecosystem, so the growth of their price directly affects their users and how they participate and engage in doing their part.
The most surprising cryptocurrency around altcoins has been Algorand, which has seen a 15% increase. Sui has also performed well, up 14.1%. According to data provided by CoinGecko, it has an estimated market capitalization of $13.7 billion. We can also talk about XRP's performance, with a 30% weekly increase, up 7% on the day, which is fascinating.
We will have to be following the price of the leading cryptocurrency to make decisions on altcoins. But what's to come could be very promising, especially if we can consider the potential of marking a new ATH, already in a predefined range. If achieved, altcoins could experience bullish behavior, or at the very least, have a clear path for exponential growth for the remainder of this year.
- Main image edited in Canva.
- Information has been consulted in decrypt.co.
- Translated to English with DeepL.