Testing $10K? Bitcoin Price Hits 4-Week High As Altcoins Shine

gepubliceerd op by Coindesk | gepubliceerd op

Bitcoin hit four-week highs in Asian hours but continues to underperform when compared to alternative cryptocurrencies.

Having scaled a long-term bearish trendline, the world's largest cryptocurrency by market capitalization rose to $9,021 at 07:30 UTC - the highest level since March 22, according to CoinDesk's Bitcoin Price Index.

Though impressive, looks flat when compared to the performance of the top 25 cryptocurrencies by market capitalization.

The lesser-known cryptocurrencies like populous are leading the cryptomarket rally.

EOS is now the fifth largest cryptocurrency by market capitalization, courtesy of the 106 percent price rise from April 1 low.

BTC's underperformance could be an indication the cryptocurrency is fueling the rise in the altcoins.

Most altcoins are traded against BTC. So, investors pouring money into crypto markets tend to buy BTC first and then rotate the money into altcoins.

This time, the alternative cryptocurrencies have outshone bitcoin at a time when the crypto market leader is recovering from a three-month sell-off.

Moving forward, the crypto markets could remain solidly bid as the world's largest cryptocurrency has witnessed a major bullish breakout.

The bullish breakout suggests the cryptocurrency will likely test 200-day MA hurdle of $9,737 in the short-run.