Top cryptocurrency by market volume continues to grow witnessing new yearly high records. Altcoins are also going bullish but they are following the top cryptocurrency in performance.
Today, Bitcoin has claimed a peak value of $13,329 over various cryptocurrency exchanges and the same price value witnessed last year on June 26.
25% Growth in a Month
This month has been a bullish one for Bitcoin as compared to previous months when it struggled a lot. Since the start of October, primary cryptocurrency has increased by 25%. Bitcoin was exchanging hands at $10,600 on Oct.6, but now, it is trading at $13,000.
After Coronavirus declared as a pandemic, Bitcoin lost half of its value and plunged below even $4,000. Since then, it has been surged threefold in price value and approached a new yearly high position.
However, the crypto community has seen BTC volatility over the last 24-hours as it lost nearly $500 in just three minutes. In a sudden crash, the top digital asset plunged from $13,350 to below $13,000 in a few hours.
According to technical analysis, an inverse head and shoulders pattern is forming which signals a long-term bullish cycle towards $20,000, an all-time high position. In order to reach all-time high position, it needs to break resistance levels standing at $13,420, $13,500, $13,815, and $14,000.
DeFi’s Boom
The strong position of Bitcoin over recent months may be due to exponential growth in decentralized finance. This summer, billions of dollars were injected over lending protocols and decentralized cryptocurrency exchanges by investors.
Investors over Ethereum have also invested in Bitcoin as synthetic BTC now involves 4% of the market cap of Ethereum.
The majority of the altcoins have also gained bullish momentum following the top cryptocurrency. For instance, the second-largest cryptocurrency jumped to a seven-week high level of $420. After claiming a record high level, it then plunged to $409. Ripple also expressed an upward rally towards $0.26, but it then dumped to below $0.253. In the list of performing altcoins, Litecoin and Chainlink witnessed a growth of 3.6%.
