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Sujit Kumar
Nov 7, 2024
by Sujit Kumar

Bitcoin Hits New ATH as Altcoins Surge in Crypto Market Rally

Altcoins Surge

Table of contents

  1. Altcoins Ride the Bitcoin Wave
Bitcoin recently reached a new all-time high (ATH) of $76,460.15, marking a substantial rally over the past week. Despite this impressive peak, analysts suggest Bitcoin may still have room to grow. Data platform CryptoQuant reported that Bitcoin’s MVRV ratio indicates it is not yet at its peak value, hinting at potential for further price discovery.

Bitcoin Price Outlook: Room for Growth?

According to CryptoQuant’s analysis, Bitcoin’s recent ATH doesn’t necessarily indicate overvaluation. Their data suggests that Bitcoin remains within a comfortable price range relative to its cost basis, with nearly 99% of traders currently in profit. This trend implies Bitcoin could continue its upward movement. At the time of reporting, Bitcoin is trading around $75,098.68, up by 2.67% in the last 24 hours. However, a 17% drop in trading volume to $77.99 billion suggests a more tempered market sentiment.

Altcoins Ride the Bitcoin Wave

Bitcoin’s rally has triggered a wave of growth across altcoins, notably benefiting Ethereum (ETH) and Dogecoin (DOGE). Dogecoin approached the $0.2 resistance level after a 12% increase over the past week. Meanwhile, Shiba Inu (SHIB) leveraged the market momentum to break out from its consolidation phase, reaching new highs in metrics like burn rate and transaction counts on Shibarium. This surge helped Shiba Inu regain its spot as the 12th largest cryptocurrency, overtaking Avalanche (AVAX).

As Bitcoin continues its climb and altcoins respond, the market remains optimistic about sustained bullish trends across the crypto sector.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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Altcoins Surge
Bitcoin Hits New ATH as Altcoins Surge in Crypto Market Rally
Sujit Kumar
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

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