- The overall cryptocurrency market has experienced a strong increase of 2.51% in the last 24 hours. At the time of writing, the Bitcoin
price has surpassed the $43,770 level. - On-chain data indicates that many Bitcoins are currently in profit, signaling the possibilities of profit-taking.
- A topic discussed in the community is the possibility of the approval of a Bitcoin ETF coming earlier than expected, possibly before January 10.
As risky situations are observed in Bitcoin indicators, a strong upward trend continues in the altcoin market: What is the current situation?
Bitcoin and Altcoin Market Status
The overall cryptocurrency market has experienced a strong increase of 2.51% in the last 24 hours. At the time of writing, the Bitcoin price has surpassed the $43,770 level. This news comes amid reports that the SEC allegedly held meetings with all Bitcoin ETF applicants on Thursday. However, there is greater optimism in the altcoin space; Solana’s price has risen by 18%, approaching $100. This surpasses BNB, the fourth-largest cryptocurrency with a market value of $41.4 billion.
On-chain data indicates that many Bitcoins are currently in profit, signaling the possibilities of profit-taking. According to recent data from Santiment, the percentage of profitable supply for Bitcoin has reached 89%, indicating a cautious stance as the new year approaches. The analysis suggests that when this metric is in the range of 40% to 70%, further price increases are more likely.
On the contrary, assets like MATIC (Polygon) and LTC (Litecoin) are believed to be in a more positive position in the opportunity zone. Meanwhile, the Bitcoin Fear and Greed Index shows excessive greed at current price levels. Therefore, investors should exercise caution from this point onwards.
A topic discussed in the community is the possibility that the approval of the Bitcoin ETF may come earlier than expected, possibly before January 10. Some market analysts continue to expect BTC’s price to reach $50,000 by the time of the ETF approval.
Altcoins Leading the Way
The altcoin market continues to show strong movements, offering opportunities for value even in some small altcoins. Two altcoins currently on investors’ radar are Polygon (MATIC) and Fantom (FTM). According to crypto analyst Ali Martinez, the price of Fantom (FTM) trading above $0.47 indicates a significant bullish shift. The analysis shows a lack of significant resistance up to the $0.65 level. Martinez advises market participants to expect a strong rally in the price as long as FTM maintains its position above this critical level.
Source: https://en.coinotag.com/while-some-indicators-in-bitcoin-raise-concerns-altcoins-gain-strength/