Bitcoin has been on a very steady rise lately and what about altcoins? The biggest difference in this rise is that unlike the rises of the past few years, it has been at a moderate pace and in the form of a stable chart. Nevertheless, many believe that this is still not enough.
Altcoins Start To Rise
The most important rumor that is being voiced on Wall Street in this context can be explained as follows: Investors want to renew their sense of profit and confidence in Bitcoin and other crypto assets. For this reason, Bitcoin purchases continue. However, it would not be wrong to say that there is no reason for Bitcoin to rise at the moment.
While traditional markets are struggling with bad luck due to Wall Street investors’ risk aversion, cryptocurrencies are experiencing a positive breeze.
What Does The FED Think About It
Inflationary pressures are making the Fed’s influence on the dollar visible. Perhaps, this is the reason why bitcoin price has reached the highest level in the last six months.
According to TradingView statistics, Bitcoin (BTC) reached $25,000 this week for the first time after a long hiatus.
According to Jim Wyckoff, senior technical analyst at Kitco, Bitcoin saw profit-taking and a natural downward correction after the price peaked on Thursday. Prices fell to $24,200, where support formed.
The Altcoins Market Benefited From This Positive Sentiment
The altcoin market experienced a generally positive day, with most tokens in the green and some of the best performers gaining over 20%.
It would not be wrong to say that more than ten tokens were greenlighted by this wind. We can list the names of the coins that particularly benefited from the positive effects and received green light as follows:
Filecoin (FIL), Hashflow (HFT) and Conflux (CFX) were among the best performers, gaining 27.47 percent, 25.22 percent and 23.51 percent, respectively. They were followed by Klaytn (KLAY) and Dogelon Mars (ELON) with a market share of 19.5 percent.
The total market value of cryptocurrencies is about $1.119 trillion and Bitcoin’s market share is 42.6 percent.
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