Bitcoin remains the undisputed leader of the cryptocurrency ecosystem, consistently outperforming all other coins and tokens that were conceived throughout the years in hope of emulating BTC’s success. The relation of bitcoin price movements to the altcoin market is well known to investors: smaller digital assets usually follow whatever bitcoin does, and the actions of BTC price are directly reflected in the sentiments among altcoin traders.
Uptrend Bitcoin price
The current situation isn’t any different and bitcoin’s uptrend is significantly contributing to bullish sentiments predominant on the altcoin market. The BTC price has been consistently staying over $13,000 for some time, and over $13,500 for the past few days, which resulted in the price of other digital assets rising as well.
Performance of the altcoins
Prices of the most popular altcoins have been following bitcoin’s example and gaining momentum over the past week. ETH, LTC, EOS, XLM, XRP, LINK, TRX, BCH, ADA and many others have been acting bullish. Of all the significant altcoins, Ethereum has been performing the best, quickly rising from a support level at $372 to over $395, possibly looking to find a new support at $400 if the bull trend continues.
Chainlink (LINK) has also performed well, rising from $10.80 to over $11.80. If a resistance at $12 can be broken, the price may possibly rise to over $13. The price rise for other assets such as BCH and XRP wasn’t as significant - the optimism among bitcoin cash supporters have been particularly short-lived and even the general optimism on the altcoin market didn’t manage to create a noteworthy uptrend for BCH.
The prices of less renown altcoins have also been growing. Digital assets such as NEO, AAVE, ALGO, RSR, COMP, OMG, ZRX, YFI, KSM, AMPL, UNI and many others have all increased in price by over 5%. Ocean Protocol (OCEAN) has seen a particularly major growth of over 15%, which caused the token to break a significant resistance level of $0.5.
Expectations for the Bitcoin price
When it comes to BTC price, the short term support is likely to establish around $13,500 or even $13,650. Both the fundamental analysis and technical indicators are giving the investors many reasons to be bullish, so the price is expected to soon break the key resistance at $13,850. As the uptrend is anticipated to continue, the price rising over $14,000 again is quite likely in the foreseeable future.
Bitcoin’s massive bull run in 2017 has caused the altcoin market to bloom, and a similar situation is possible now. Since some analysts believe that the incoming BTC bull run will surpass the previous ones and make bitcoin reach its new All Time High, altcoin investors also have reasons to be optimistic about the valuation of their portfolios.
