Predicting a new low for the price of Bitcoin is a risky business and on this site, we are careful to never present anything as fact but the behavior of Bitcoin whales suggests that $52k might be the lowest number Bitcoin can fall to. This comes on the back of a week which has seen many coins hit their all-time highs and saw Ethereum fly past $4000.
Despite the market cap of the crypto industry currently being valued at $2.47 trillion there appears to be even more appetite to buy more crypto and the good news for crypto holders is that this momentum might possibly continue for a little while yet. We have all seen the rise of Dogecoin in the past few weeks but most of the market has also performed very well with coins like XLM, Chainlink, and EOS finally seeing some momentum after months of price consolidation.
Bitcoin dominance has taken a back seat and has found some consolidation around the $57k mark and is showing signs that it might be ready to tackle the $60k level resistance. The surge of altcoins has led to the increase in stablecoins according to one analyst who believes that traders are using these stablecoins as they want to be prepared to invest in several altcoins at a moment’s notice. “Stablecoins on exchanges keep staying in the ATH range,” Moskovski told Twitter followers.
“Barring some black swan event, I don’t see this rally ends any time soon.”