Crypto Price Prediction: Bitcoin Hits New All-Time High, Altcoins Show Momentum
On Monday, the leading digital asset Bitcoin breached the $70,000 psychological mark and reached a new all-time high of $71,766. The recovery keeps the broader market trend intact, further boosting the growth of the altcoin sector.
Bitcoin Whale Makes Strategic Move Near All-Time High
A notable Bitcoin whale known as โ3Khjnโ has made a significant move that has caught the attention of market watchers. Over the past 1.5 days, this whale has withdrawn a total of 4,192 BTC from Binance, with the transactions valued at approximately $68,937 per Bitcoin. This strategic move has resulted in a profit exceeding $10 million for the whale. The accumulation occurring near the all-time high suggests that smart investors are not anticipating an imminent peak in Bitcoinโs price and expect a steady rise to $80,000.
Ethereum Shows Aggressive Momentum
Amid the ongoing recovery, Ethereum stands out with aggressive momentum and high conviction from market bulls.
Ethereum (ETH)
Ethereum is a pivotal blockchain platform known for its smart contract functionality and its role in decentralized applications (dApps), decentralized finance (DeFi), and non-fungible tokens (NFTs).
The transition of Ethereum to a proof-of-stake mechanism through its Ethereum 2.0 upgrade aims to address scalability and energy consumption concerns.
The recent data shows that Ethereum is trading at $4,031 with a gain of 3.88% over the last 24 hours. The market capitalization stands at around $484.2 billion with a trading volume of $23.4 billion in the same period.
- The recent upsurge breaks another key resistance of $3,942, paving the way for further growth.
- Potential resistance levels are projected at $4,235 and $4,550.
- In case of a correction, suitable support levels may be found at $3,500 and $3,031.
Chainlink (LINK)
Chainlink is a decentralized oracle network that connects smart contracts with real-world data. It plays a crucial role in providing reliable data feeds for complex smart contracts on any blockchain.
The market capitalization of Chainlink stands at around $12.5 billion with a trading volume of $1.3 billion since yesterday. The current price is $21.4, showing a failed breakout from the $21.7 resistance level.
- The Chainlink price chart exhibits a pattern suggesting cautious optimism, with the price navigating between established support and resistance levels.
- Potential support levels are projected at $19 and $17.5 in case of a reversal from the $21.7 resistance.
Floki (FLOKI)
Floki is a cryptocurrency project inspired by the Shiba Inu meme and named after Elon Muskโs own Shiba Inu. It aims to be a community-powered social media project and is involved in charitable activities.
The Floki coin emerged as the higher gainer in the recent memecoin rally, showcasing significant growth from $0.000035 to $0.00027, registering 740% growth.
The current market cap of Floki is wavering at $2.68 billion with an intraday gain of 15.42%. The increased profit booking may trigger a minor correction, allowing buyers to find potential support at $0.000212 and $0.000173.
Takeaway: Opportunities for Long Positions in Altcoins
As Bitcoin reaches new all-time highs, altcoins are experiencing accelerated recovery and extending their bullish momentum. Ethereum, Floki, and Chainlink have shown notable gains within the top 100 cryptocurrencies by market capitalization.
This sustained recovery trend presents fresh opportunities for long positions for traders who have been waiting on the sidelines.
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