The last few weeks have been rather disappointing for the Bulls in the cryptocurrency space but Monday of this week has come with some optimism as the price of Bitcoin has spiked greatly and brought most other altcoins up with it.
Having fallen through the weekend and hung around the lower reaches of $10,000 Bitcoin is now spiking up towards $10,700 and general optimism has returned. But it is not only Bitcoin that is spiking suddenly on Monday, Ethereum is also up and BNB could soon be testing all times high.
Ethereum is still on the cusp of making its first steps into Ethereum 2.0 and the news continues to get people excited about the future for this popular coin. Ethereum also is often linked to Bitcoin and its movements.
Bitcoin back to $11,000?
Now that Bitcoin has managed to bounce off the solid floor it had at the $10,000 mark there are a lot of eyes on what will happen in the coming week. Bitcoin has shown its potential to move quickly to $11,000 and even as high as $13,000 but it has been a long time since Bitcoin has gone any higher than that.
Many will be eyeing the late part of this year for a rally in a similar way to how the coin skyrocketed in the end of 2017, but there needs to be a much more solid drive out of the arena it finds itself in currently.
Bitcoin is also in a battle with DeFi as this space has truly captured the imagination of the speculative investors who are willing to risk it big for a big reward. Bitcoin has not been the volatile coin that caused it to gain notoriety for some time now as other DeFi projects offer that wild potential gains.
BNB to touch the sky?
The past few weeks have been poor for Bitcoin, but also for most altcoin, barring a ew DeFi projects. But one coin that has been managing well in the most recent lull has been BNB, the Binance native currency.
The coin fell to $18 and immediately ran to $32 within one week. This is a rally of 80% in a matter of days and, therefore, ripe for technical analysis to gauge where BNB may be headed next.
This is also getting people wondering if there is a chance that a new all time high can be reached in the coming week or so. If the price of BNB breaks above its current level of resistance, a test of the all-time high levels seems very likely. However, it’s the first time that the cryptocurrency would test this red area, which means that a breakout in one-go is less likely as sellers should step in.
Ethereum Shadowing BTC
Etheruem has a lot of room to grow as its upgrade continues to show signs of big changes, but it appears as if this latest rally this week for the coin is based around mirroring Bitcoin. If Ethereum can ride these coattails for a week or so then it might set it up to ride higher off its own news.