By
Tolu Ajiboye
April 23rd, 2024
It is very rare for Bitcoin to decouple from the rest of the market, especially for the most prominent altcoins.
The green trend is returning to the digital currency ecosystem as the price of Bitcoin (BTC), the world’s largest cryptocurrency, is seeing a bullish resurgence after weeks of massive volatile bearish corrections. At the time of writing and according to CoinMarketCap data, Bitcoin is changing hands at $41,401.34, up 10.78% in the past 24 hours.
The unpredictability of the crypto markets is playing off as the current price performance is stunning traders who have become quite comfortable with shorting the market. Per data from Coinglass (formerly ByBt), a total of $115,988,123 worth of Bitcoins have been liquidated in the past 24 hours as the price surge gave traders no room to make the necessary adjustments.
The ongoing price run has been much anticipated by several Bitcoin bulls, many of them that have come under heavy criticism by critics with the massively tanking in the valuation of Bitcoin. While no one can ascertain for sure how long this current bullish upshoot will last or run for, many analysts are choosing to re-introduce their optimistic forecast for the premier cryptocurrency.
Bitcoin attained an All-Time High (ATH) above $68,000 back in November 2021. However, in the current ‘Crypto Winter” that the digital currency seems to be under, the price tanked below $33,000 back in January, its lowest in more than 6 months. With the price slumps notably induced by massive sell-offs, a crypto analyst known on Twitter simply as “light” believes there was not much coin left to sell at $40,000, hence the inevitable run in price.
“I doubt there’s spot inventory left to sell at $40k. What was going to be sold has been sold already in a 2-month downtrend capped off by a macro panic. Also doubt buyers in the $30k area bought in order to sell here,” he shared in a tweet, adding that the industry trend is “similar in many ways to the $6k level in 2019.”
Bitcoin Price Resurgence: Altcoins Takes Advantage
It is very rare for Bitcoin to decouple from the rest of the market, especially for the most prominent altcoins. As such, the resurgence in the price of Bitcoin has inevitably led to the growth in the price of Ethereum (ETH) which is up 11.33% to $2,994.69 at the time of writing per data from CoinMarketCap.
Binance Coin (BNB) soared comfortably above $400 for the first time this year. Other digital coins including Cardano (ADA), Solana (SOL), XRP, Terra (LUNA), and Avalanche (AVAX) printed well above 8% gain to record their best daily performances in more than 2 weeks.
The performances that were seen in the crypto market that pushed the market capitalization nearer to its core benchmark of $2 trillion is reflective of the boost in the US stock market as big tech stocks reported better than expected earnings reports. With general sentiment hinged on these mainstream stock performances, the cryptocurrency ecosystem is also poised to get a bullish runoff.