Bitcoin (BTC) continued its upward march in the first week of November with its price close to hitting the $16,000 level. The leading cryptocurrency made a strong breakout to breeze past the pivotal $15,000 price, keeping pace with its upward momentum.
Bitcoin’s hit a new high of $15,960, its highest since January 2018 following a sustained price surge over the past few months. The value of the digital currency has grown by over 30% in the last two weeks alone, breaking multiple resistance levels in the process. Initially, Bitcoin broke the critical $13,000 on Oct. 21 which set the stage for a rapid upward price momentum in the coming days. Large crypto holders, referred to as whales, begun accumulating the digital asset actively at this set thus flipping $13,000 from resistance to support level.
This was the first time that Bitcoin had broken past $13,000 since July 2019, with its upward momentum holding for much longer this time. Since then, the leading cryptocurrency has broken various key support levels starting with $13,500 followed by $14,000. The most recent price increase has seen Bitcoin rise past the critical $15,000 level causing industry insiders to suggest that the virtual currency was due to reach a new all-time high price if the current bull rally is sustained.
Bitcoin’s upward rally has had negative implications for altcoins as the leading cryptocurrency appeared to suck most of the volume from the crypto market. As such, most altcoins price declined as Bitcoin’s value continued to surged against the US Dollar.
Nonetheless, some crypto analysts are convinced that the altcoin market is set to recover and have an upward surge of their own. More specifically, there is strong sentiment that Ether’s price is set to rise steadily in the coming months as capital inflows could shift from Bitcoin to the second cryptocurrency by market capitalization.
Ethereum recently announced their launch of ETH 2.0 deposit contract which is a critical step towards their shift from Proof-of-Work to Proof-of-Stake consensus mechanism. This signals the start of the much anticipated move that could have significant implications on Ether’s price.
Additionally, ETH just tested a key resistance level recently thus signifying potential for a bull run ahead. This is much more significant considering that altcoins usually rally behind a Bitcoin bull run. Thus Ether’s uptrend appears to be a timely indicator of the good fortunes ahead.
Image courtesy of pxhere
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