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Friday, December 3, 2021

Bitcoin Bullish Run Might Drive Up Other Altcoins 

In case the bulls of Bitcoin successfully manage to hold the price level above the mark of $57,000, many of the altcoins might also rally to their new record highs. 

The long-term investors have been optimizing on the declined BTC prices in order to create a strong uptrend after which they might be able to purchase. On the other hand, the short-term investors have been obsessed with calling the top. 

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Since the last few days, the data of the Glassnode have revealed Bitcoin outflow of considerable size from the exchange of Coinbase. It has further indicated a sign for accumulation based on the analysts. 

Futures Of Altcoins Rely On Bitcoin 

It is quite encouraging that this demand has not been limited to a single exchange. Data of the Material Indicators reveal $100,000 or more purchase orders are now hitting new all-time highs. 

This also suggests that this influx of institutional investors along with big corporations arriving at the crypto market is continuously accelerating. The proof of this is the Residential Warranty of America that became the recent firm to invest in Bitcoin for maximizing their returns on their investment portfolio. The Bitcoin and US dollar relative movement is also a positive sign. 

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BTC had exceeded the $52,040.95 mark on 8th March and the bullish pattern is aiming at $61.07.13. Ethereum is trading at $1,673 and aiming at $2,614. Binance surpassed the overhead resistance of $265 and buyers are pushing towards $309.49. Polkadot rebounded to $34.07 and rallying towards $42.2848. 

XRP is again placed at $0.50 and indicating a bearish pattern. Uniswap dropped to the $33 level but might pick up the pace to top $35 soon. Litecoin broke above $205.18 and rallying at the $227 mark. Chainlink exceeded $28.99 but shows bearish momentum.

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