Bitcoin near $100K, Altcoins mixed.

Bitcoin Near $100K: Altcoins Show Mixed Performance

Bitcoin was trading slightly below $100,000 on Monday, continuing its upward trajectory. For the previous two weeks, Bitcoin has struggled to break through this crucial level, which has kept traders alert to its next move.

With an intraday high of $99,560, Bitcoin was up 1.2% at $99,487 at 10:50 am IST. Ethereum, meanwhile, increased 1% and was trading at $3,671.

The performance of other significant cryptocurrencies was inconsistent. While XRP, Cardano, Avalanche, Chainlink, and Polkadot were trading higher, Solana, Dogecoin, Sui, Hedera, and Tron were down as much as 1%. At $3.52 trillion, the global cryptocurrency market capitalization grew by 0.53%.

Bitcoin is still rising and is currently selling near $99,000. The CEO of Mudrex, Edul Patel, stated that in order for Bitcoin to surpass the $100,000 milestone, it needs to overcome resistance at $99,400, while support is located at $96,000.

“After a week of strong consolidation, Bitcoin is heading towards $100,000,” stated Vikram Subburaj, CEO of Giottus. This week, a short squeeze above $101,000 is probably going to restore bullish momentum.

“Over the past seven days, altcoins have outperformed bitcoin, with Cardano, Avalanche, Sui, and Stellar leading the way. Altcoins will probably rise even more if Bitcoin retains $100,000, Subburaj continued.

According to data from CoinMarketCap, the total volume of all stablecoins is currently $80.38 billion, or 89.05% of the 24-hour volume of the cryptocurrency market.

The market value of Bitcoin, the biggest cryptocurrency in the world, increased to $1.972 trillion in the last day. According to CoinMarketCap, Bitcoin presently holds a 55.74% market share. The volume of Bitcoin increased 26.8% to $25.86 billion in the last day.

“As Bitcoin continues to grow, altcoins like Solana (SOL), SUI, ICP, and ENA may see increases in value. Demand is still high as Bitcoin approaches $100,000, as seen by ETF inflows and a decrease in selling pressure. Bitcoin may reach $108,353 and above if it overcomes this resistance, according to Unocoin co-founder and CEO Sathvik Vishwanath.

FAQ

Why is Bitcoin struggling to break the $100,000 milestone?

Bitcoin faces resistance at $99,400, making it a crucial level to surpass. Strong consolidation and market dynamics, such as selling pressure and market sentiment, influence this price threshold.

How are altcoins performing as Bitcoin nears $100,000?

Altcoins have shown mixed performance. Cryptocurrencies like Cardano, Avalanche, and Stellar have outperformed Bitcoin, while others like Solana and Dogecoin have seen slight declines. Altcoin trends often depend on Bitcoin’s price momentum.

What role do ETFs play in Bitcoin's growth?

ETFs (Exchange-Traded Funds) increase institutional demand for Bitcoin, contributing to its growth. ETF inflows reduce selling pressure and signal market confidence, pushing Bitcoin closer to the $100,000 mark.

What are the market implications if Bitcoin surpasses $100,000?

If Bitcoin crosses $100,000, it could trigger a short squeeze and restore bullish momentum, potentially pushing the price to $108,353 or higher. This milestone may also boost investor confidence in altcoins, leading to further market gains.

What is the current state of the global cryptocurrency market?

The global cryptocurrency market capitalization has grown by 0.53% to $3.52 trillion. Stablecoins dominate 89.05% of the 24-hour trading volume, while Bitcoin’s market dominance stands at 55.74%, with a market value of $1.972 trillion.