Bitcoin (BTC) is currently trading at $123,300 with altcoins largely moving sideways. This past weekend defied the norm, as BTC reached a new all-time high (ATH) early on Sunday (local time) and remains close to peak levels. This article explores the recent surge in BTC and the current state of BNB and LINK Coin.
The Secrets Behind Bitcoin’s Surge
Swissblock shared a detailed chart revealing the foundation of the BTC surge. The essential elements supporting this rise are strong fundamentals, stable liquidity, and a clear on-chain motivation and belief.
“As Bitcoin reaches its all-time high, it’s important to recall what drives this ascent: strong fundamentals, stable liquidity, and a renewed on-chain faith. At times, the price seemed weak, but a base was forming beneath the surface,” as explained by experts in the field.
In the past year, significant developments have impacted cryptocurrencies, especially Bitcoin. These include new regulations, treasury movements, U.S. Bitcoin stock, ETF entries, banks starting to offer crypto services, and more. The world’s largest asset manager, Vanguard, once skeptical of BTC ETFs, has changed its stance, indicating positive sentiment in the crypto space.
The number of BTC reserve companies is expected to exceed 600 next year, with current BTC holdings surpassing 1 million. A large and optimistic group is rallying behind Bitcoin, naturally driving prices up.
The Status of BNB and LINK Coin
BNB’s price surged to $1,189 in the last 24 hours. This leading altcoin, reaching a new ATH and normalizing four‑digit prices, has witnessed BNB Chain’s daily futures volume hitting $944 million, marking another ATH. This indicates we are amid a genuine upward trend. A test of $1,300 is on the horizon.
For Chainlink (LINK), the price faced multiple rejections at $30. However, today’s BTC price increase boosted LINK from $21.77 to near the $23 mark.
LINK Coin has secured numerous high‑level agreements. Although delayed, its partnerships will underscore its pivotal role in tokenization. If these agreements and infrastructure services provide further advantages to LINK Coin, the current price could retrospectively be considered a bargain. Maintaining $22 is crucial, and we must see closes above $23.84 to test the $26.4 level.