The price of Bitcoin and Ethereum has increased considerably in the past month. The price may remain high for the next few months and push altcoins forward.
In a remarkable surge, Bitcoin reached an 18-month high, breaking through resistance at $37.3k and briefly touching $37,980 before a slight pullback. Presently hovering around $37.3k, Bitcoin’s ability to maintain this level of support could pave the way for fresh multi-month highs in the coming days, with the following notable resistance at $40k.
Ethereum has experienced a rise, climbing over 35% in the past month, fueled by the increasing excitement around spot ETFs. Although Ethereum hit a seven-month high following the BlackRock ETF application, it has yet to reclaim this peak. To sustain upward momentum, Ethereum must maintain support around $2,032.
Despite Ethereum’s recent surge, it has underperformed compared to Bitcoin. This can be attributed to the robust performance of alternative L1 coins, such as Solana (SOL) surging by 170%, Cardano (ADA) by 60%, and Avalanche (AVAX) appreciating over 150% in the last 30 days. However, it’s crucial to note that, over the past 18 months, Ethereum has outperformed these L1 coins.
As Bitcoin and Ethereum push toward multi-month highs, some in the crypto community are speculating whether the long-awaited altcoin season has finally begun. Altcoins, particularly Solana, Cardano, and Avalanche, have demonstrated substantial growth recently, suggesting a broader market uptrend.
In conclusion, the cryptocurrency market is witnessing a rally, with Bitcoin and Ethereum standing strong. The surge is not isolated, as various altcoins contribute to market excitement. As the crypto landscape evolves, investors closely monitor these developments for potential opportunities and risks. The coming days will likely provide more insights into the sustainability of the current bullish trend.
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