Search
Close this search box.
Search
Close this search box.

Bitcoin and Ethereum Rally: Are Altcoins Poised for a Surge?

Crypto Surge

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.

bitcoin

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.

Read More: Bitcoin makes a strong push towards $58K

Share on:
Facebook
Twitter
LinkedIn
Reddit
Tumblr
Karla brings over 16+ years of experience in the online brokerage industry. She is a finance graduate from Birmingham University, UK, and a forex market enthusiast. Being a true writing fanatic, she pens research-backed reviews for traders to analyse trading strategies and indicators. She has also authored a wide range of educational articles covering the forex industry. Karla is quite interested in checking brokerage companies and studying their performance and growth. Her aim is to describe complex investment mechanisms in an accessible way for traders of any level. Apart from finance, her interests mainly include reading books, fitness, and writing in her journal. Karla believes in the power of writing and wants to write for every layman who knows nothing about finance.
Trading View
Recommended Brokers

TradeEu

Min Deposit

Min Spread

$$250

0.7 pip

Equiity.com

Min Deposit

Min Spread

$250

1.4

EasyMarkets

Min Deposit

Min Spread

$25

0.01 pips

OctaFx

Min Deposit

Min Spread

$25

0.8