Newton Gitonga
Cryptocurrencies continue to dominate the financial space as Bitcoin hit the $100,000 mark early today.
While the leading digital coin by market cap stabilizes above the psychological level, SHIB and ETH signal an alt season in play.
Bitcoin above $100,000
BTC attained new all-time highs today as news of pro-crypto Paul Atkins becoming the new SEC chair amplified optimism within the cryptocurrency world.
Jerome Powell’s comments that Bitcoin is gold’s competitor and not the United States dollar intensified the bullish surge.
Federal Reserve Chair Jerome Powell recently characterized Bitcoin as a speculative asset comparable to gold rather than a competitor to the U.S. dollar. Speaking at the New York Times DealBook Summit, Powell remarked, “People use bitcoin as a speculative asset. It’s like gold,…
Bitcoin trades at $101,987 during this publication. Its daily trading volume increased by 135% to $138 billion, signaling improved trader action.
While BTC bulls seek stability above $100,000, all eyes remain on the altcoin season.
Ethereum and Shiba Inu are among the top assets supporting the “alt season” narrative. Let us find out more.
Ethereum eyes $7,000
ETH has been on a remarkable run lately, gaining 10% the previous week to trade above $3,900 during this publication.
Ethereum’s rally has triggered renewed optimism, with some analysts forecasting breakouts past $5,000 and even $7,000.
Breaking past $3,850 placed ETH near a crucial inflection area.
While the Relative Strength Index approaches the overbought region, it also displays massive bullish strength, supporting extended rallies to $4,000 and above.
The on-balance volume highlights soaring ETH accumulations, suggesting institutional demand behind ongoing surges.
Ethereum’s next resistance (at $4,200) remains crucial in opening the doors to $5,000.
Popular analyst Michael van de Poppe highlighted ETH’s growing dominance and the shifting market focus as BTC’s rally cools.
Venturefounder highlighted an emerging cup & handle pattern that could trigger breakouts past $7,000.
Social indicators confirm improved optimism in the retail sector, with inflows from institutional investors signaling trust in ETH’s future.
Nonetheless, skeptics would caution about profit-booking and macroeconomic challenges at vital psychological levels.
Continued dips in BTC’s dominance and robust momentum within the NFT and DeFi markets will be crucial in Ethereum’s journey to $7,000.
SHIB hits 9-month highs
Shiba Inu touched $0.00003262 – its nine-month peak – after gaining over 10% within the past day.
SHIB trades at $0.00003132 at press time, with a massive 24-hour trading volume suggesting more bull actions.
Meanwhile, Shiba Inu’s latest jump attracted significant optimism, with analysts projecting extended upswings to the resistance at $0.00003515.
The MVRV indicators show Shiba Inu boasts significant backing from long-term investors.
The positive MVRV indicates that these holders are in profit, and their desire to hold rather than profit-taking makes their support crucial for the meme’s price stability.
Shiba Inu seems to have what it takes for an explosive move to $0.000045 in the near term.
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