Bitcoin Surges Past $6,700 USD as Rise in BTC Implies Outpouring Effect on Altcoins


The price of bitcoin has just skyrocketed past the $6,700 USD mark after gaining nearly $500 today and was just $5,693 just a week ago. In the midst of this recent rise in the BTC exchange rate, the dominate has also rose to over 59%, its highest since December 2017.

As Bitcoin [BTC] continues to fight the different, expected resistance levels, many are questioning how this might influence the altcoins market. In a new reporting, news outlet, NewsBTC provided examples as to how and why Bitcoin’s rise implies an outpouring effect on altcoins.

The fact that Bitcoin’s bear market is potentially meeting its end has been noted by several crypto leaders, primarily Fundstrat’s Thomas Lee, who previously shared that Bitcoin’s use cases and increased strength in its technical aspects are proof that a bull market is around the corner. The prominent bitcoin news outlet has also shared the following, which shows Bitcoin price’s performance in comparison to traditional asset classes:

Source 1: Originally from Binance Research, Obtained from Binance research department. As seen above, Bitcoin has outshined traditional assets including the likes of crude oil, tech stocks, U.S real estate, etc.

Said performance was last witnessed in 2017’s bull run, hence it is not a surprise that many investors are excited for what’s to come. NewsBTC has also quoted the CEO of Galaxy Digital, Mike Novogratz, where the CEO highlighted the fact that BTC can be deemed a store of value. Here’s what was shared:

“We’re going to struggle around 6000 for a while […] What’s interesting is, we had this bubble, everything went up, it was all store of value. And, when it was all store of value, you had unlimited supply coming in […] The only store of value in the market right now is Bitcoin.”

As for how altcoins will travel with the current BTC dominance, CEO of The White Company, Elizabeth White was quoted. In particular, she argued that altcoins can travel up with Bitcoin dominance, and that it typically implies that strong altcoin projects are the one’s that’s left, as opposed to the weaker ones that simply end up disappearing. As per White,

“The majority of speculative altcoins will end up thinly traded and die off because most of them have not done anything and have completed failed to realize their promises.”

Another example given is that of Twitter user, @Dudesignals, who posted a chart depicting an “alt season” in the making.

https://twitter.com/Dudesignals/status/1120812106364923904/

Here’s what @Dudesignals had to say in relation to the above:

“ALTS market cap already respected the support in the chart and we are slowly starting our way up. Soon altcoins will get their ride like Bitcoin had it’s one. At least that’s what the technical analysis says to me.”

Bitcoin’s price is $51,483.10 BTC/USD exchange rate today. The real-time BTC market cap of $963.24 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $32.05 Billion and live coin value change of BTC 2.59 in the last 24 hours.

Live Bitcoin (BTC) Price:

1 BTC/USD =$51,483.1025 change ~ 2.59%

Coin Market Cap

$963.24 Billion

24 Hour Volume

$32.05 Billion

24 Hour VWAP

$49.14 K

24 Hour Change

$1,332.44

What are your thoughts on this matter? Will BTC be sharing its spotlight with altcoins, or will the latter have to wait a little longer? Let us know in the comments below.

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