The recent surge in Bitcoin’s price has stirred the market, reaching new all-time highs on what was otherwise a calm Sunday. As Bitcoin continues to break records, anticipation builds for the coming week. However, this rise seems not to have influenced altcoins yet, a point highlighted by the renowned cryptocurrency analyst using the pseudonym DaanCrypto, as altcoins lag behind Bitcoin’s impressive upward momentum.
Altcoins Lag Behind
The most frustrating aspect of Bitcoin’s current rally is its limited impact on altcoins. While Bitcoin climbs to new heights, altcoins like AVAX have experienced value declines over the past 24 hours. Others, such as SOL Coin and DOGE, remain in a state of indecision. DaanCrypto attributes this dull movement to Bitcoin’s market dominance and suggests examining the charts for clarity.
In DaanCrypto’s words, “BTC.D (Bitcoin’s dominance chart) acts precisely as expected when BTC reaches all-time highs.” As Bitcoin attempts to pull the market out of its current consolidation phase, it regains some dominance, which may bode well for the market’s sustainability and its upward trend continuation.
Ethereum Poised for Control
Ethereum (ETH) appears ready to take the helm in this cycle, a shift eagerly anticipated by many, including analyst Michaël van de Poppe. According to Poppe, ETH is likely entering a phase where it takes over BTC’s momentum. Should ETH surpass its lower time frame highs, a new all-time high journey may be on the horizon for the cryptocurrency.
As of writing, BTC is trading at $123,300, marking a 1% gain for the day, with trading volumes slightly higher than typical weekend levels. The upcoming CME market opening is expected to increase volatility. The daily and weekly candle closes, set for UTC 00:00 (TSI 03:00), are other significant developments to watch.
The analyst known as CryptoBullet shared the following chart, receiving accolades for accurately predicting this all-time high excursion since September 23. Roman Trading and others correctly forecasted this rise as well. For those questioning what’s next, attention turns to the potential new highs in the $131,000 to $135,000 range.
