Bitcoin has returned to its 2023 resistance level of $31k, but several alternative cryptocurrencies have surged by double-digit percentages in the last 24 hours. The cryptocurrency market is heating up, and investors are eagerly watching its dynamic movements.
Over the weekend, we witnessed great excitement in the cryptocurrency market when Bitcoin reached a new multi-month peak of around $31k. Already on Friday, October 20th, Bitcoin exceeded the $30k threshold, the first time since August of this year, approaching its highest level from July, which is close to $31.5k. This sustained interest in the cryptocurrency was all the more impressive considering the current geopolitical tensions, indicating unpredictable market behavior.
Over the weekend, Bitcoin consistently stayed around $30k, mainly due to a high number of liquidations. In the last 24 hours, the value of liquidations exceeded $120 million, with short-term liquidations accounting for about $85 million of the total. Importantly, Bitcoin was responsible for nearly $23 million of these short positions.
Meanwhile, this movement led to an increase in the total market capitalization to $1.19 trillion, the highest level since mid-August.
Bitcoin prices approached $31k during Monday’s trading session in Asia. This is the highest level since mid-July and the fourth time this year that the cryptocurrency has reached this price threshold. Analysts have noticed an optimistic end to the week, canceling all losses from the past two months.
BTC dominance is over 52%, marking the highest value since April 2021. An analyst going by the pseudonym “CrediBULL Crypto” stated that Bitcoin is on the verge of a massive breakthrough, and its dominance will increase significantly before returning to a downward trend. Although Bitcoin’s 2% daily increase is noteworthy, it has been overshadowed by the double-digit increases of several altcoins. An expert commented that five out of ten thousand altcoins currently on the rise are the exception, not the norm.
Among these five “flying” altcoins, we have Chainlink’s LINK, which has risen an impressive 17% over the last day, reaching a level of $10.74. Significant increases were also recorded by AAVE, FTM, MATIC, and APT, attracting the attention of investors worldwide.
So, while Bitcoin continues to be the undisputed king of the cryptocurrency world, one cannot forget about other currencies, which also have the potential to bring significant profits to their owners. In the world of cryptocurrencies, every day brings new opportunities and surprises.
Photo by Kanchanara on Unsplash
