Top 5 cryptocurrencies are going up rapidly this week: BTC and altcoins (ETH,…)
This week, BTC price nearly hit a new multi-year high at $16,000. While the supply is increasing by about 2,5% a year, the demand is growing faster than that. At the current market capitalization of over $284 billion, BTC would rank 18th when compared with publicly listed US companies. Only Mastercard, JPMorgan Chase, and Visa are ahead of Bitcoin in terms of market cap.
BTC is currently in a corrective phase within a strong uptrend. When the sentiment is positive, traders view dips to strong support levels as a buying opportunity because it offers a low-risk entry point.
There are two key reasons why analysts expect Ether to perform strongly in the near term. First, the capital in the Bitcoin market could move into ETH following the announcement of Ethereum 2.0. Second, ETH recently tested a critical resistance level, raising the chances of a broader rally. Given that the altcoin market has historically rallied after an initial Bitcoin upsurge, the timing of an ETH uptrend is ideal.