Following weeks of Bitcoin resurgence to beat 8-month lows and break the $8000 mark, the number one cryptocurrency has taken a break with altcoins taking over the rally headlines.
The last 48 hours has witnessed the biggest altcoin rally in over 9 months, with most alts posting double figure gains. Lead by charges from Ethereum, Binance coin and other top 20 coins, the past few hours have seen bullish movements of ALT/BTC pairs.
Notably Binance Coin (BNB) hit a new all-time high price of $26 per BNB; possibly fueled by resumption of the exchange for deposit and withdrawal operations, a week after the much publicized 7000 BTC hack.
Ethereum (ETH) currently trading at $264 (13%) on the day; at the time of this publication set sights on the $300 per ETH level. Ripple (XRP) also shows signs of bullish breakout towards ($0.50) in the near term; though a slight pull back of -0.04% at this time.
This alt bullish movement could be a direct result of investors moving into relatively cheap alternative cryptocurrencies (altcoins), with some buying in on less-popular alts; as BTC seems to take a breather above $8000.
Bitcoin could surpass Tuesday’s high of $8335 to trade at $8500, if the lower high patterns seen on the RSI is invalidated.
What do you make of these green patterns? Is the bull run activated?