2024-11-13 19:58 |
After dipping by over 2% following its recent rally to $89,000, Bitcoin traded downwards during the Asian trading hours on Nov. 13, before restarting its rally and posting a new all-time high.
When writing, the so-called digital gold was breezing past $93,000 for the first time, up over 8.9% in the past 24 hours.
Bitcoin’s market cap was hovering close to the $1.8 trillion mark, while its daily trading volume was over $124 billion, indicating that the demand that’s fuelling the current rally is yet to fade.
The global crypto market cap rose nearly 4% to $3.18 trillion, with BTC dominance slipping toward the lower 50% range, leading many experts to speculate that “altseason” might finally be here.
Indeed, much of the altcoin market turned green, as memecoins and several popular altcoins rallied alongside Bitcoin’s surge, posting notable gains.
However, one of the most noticeable patterns of an alt season is Bitcoin tends to consolidate and move sideways while its dominance falls.
While its dominance has dipped a little, the flagship crypto was showing no signs of slowing down, despite being in a price discovery phase since Nov. 6.
Such a scenario could be a sign of a maturing market, with fresh capital boosting both Bitcoin and altcoins rather than just cycling out of Bitcoin into alts.
The most likely driver behind this demand remains the pro-crypto administration that is set to take the helm soon.
With expectations of regulatory clarity at an all-time high for the first time in the history of the sector, the market sentiment remained extremely bullish even when BTC was dipping earlier in the day.
Another major boost for the day came as Tesla CEO Elon Musk alongside Vivek Ramaswamy, both of whom have advocated for cryptocurrencies, were appointed heads of the new Department of Government Efficiency by Trump.
Many believe the duo could spearhead additional crypto advocacy from within Trump’s camp.
With several bullish catalysts play, crypto pundits claim BTC’s momentum is yet to lose steam.
Popular crypto commentator Byzantine General pointed out that despite Bitcoin’s price moving higher, open interest has remained low, which means there’s not a lot of leverage at play.
This increases the likelihood that the current rally might be driven by spot buying, which could result in a more sustainable upward trend with less risk of major corrections from over-leveraged positions.
On a similar note, pseudonymous commentator Rekt Capital claimed that, based on historical patterns, BTC’s price is less than halfway through its potential bull market run, currently at approximately 48% of the typical cycle.
In terms of BTC’s price targets, $100,000 remains the next anticipated level that now seems possible by the end of the week.
Crypto analyst Caleb Franzen adds that if Bitcoin successfully reclaims the $93,000 support level, it could set the stage for a swift rally toward the six-figure milestone which will act as the next key resistance zone.
However, based on a cup and handle pattern that has formed on the BTC/USD weekly chart, crypto analyst Ali Martinez expects a rally towards $255K if momentum holds.
As for altcoins, crypto analysis-focused account ParabolicPump believes that a massive altseason is on the horizon.
Based on the insights shared, Bitcoin dominance will soon drop, paving the way for altcoins to go parabolic as market makers attempt to shake out impatient investors.
With similar expectations propagating among altcoin traders, several altcoins were already making notable moves, but meme coins remained the best performers. The top tokens were:
Peanut the SquirrelPeanut the Squirrel (PNUT) skyrocketed 270.8% over the past day and over 1600% in the last 7 days, exchanging hands at $1.73 when writing while its market cap surged above $1.78 billion.
Source: CoinMarketCap
The newly launched meme coin on Solana rallied after Binance the world’s largest crypto exchange listed the token on Nov. 12.
A listing on a major crypto exchange such as Binance adds more credibility to a token bringing in more interest from traders who flock to the coin to make quick gains.
Donald’s Trump recent victory in the presidential election in the U.S. also helped push the token along with the broader crypto market.
The altcoin has also become the fastest-growing meme coin to hit the $1 billion milestone in less than 10 days.
PepeOver the past 24 hours, Pepe (PEPE) gained 53% hitting a new all-time high of $0.00001912 while bringing its market cap past $8 billion at press time.
The Ethereum-based meme coin traded 136% higher than its monthly low with the majority of the gains seen on Nov. 13 after crypto exchange Coinbase listed the meme coin thus bringing in more attention from traders.
Source: CoinMarketCap
On the same day, Robinhood the popular trading platform also announced the listing of the meme coin on the trading platform’s US division further adding fuel to the rally.
BonkBonk (BONK) rose for 3 consecutive days, trading at $0.00003845 when writing with its market cap seated at $2.65 billion.
The altcoin gained 34% over the past day, while its gains over the past year reached over 1,900%, making it one of the best performers in the meme coin market.
Source: CoinMarketCap
Bonk’s recent jump in price comes after Binance.US listed the BONK/USDT spot trading pair on the platform allowing traders to buy the token on one of the most reputable exchanges in the world.
The post Bitcoin moves closer to $100k; PNUT, PEPE rally ahead of altseason appeared first on Invezz
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