- Santiment warns that despite nearing its ATH, Bitcoin’s neutral sentiment may fuel a rally beyond $70K.
- Altcoins steal the spotlight with impressive surges, while Ethereum leads the charge with a 7.45% increase.
- Meme coins like Pepe and SHIB surge dramatically, with SHIB reaching a 300% increase, notes Rekt Capital.
The crypto market is excited as Bitcoin edges closer to its all-time high of $69.6K. According to data from Santiment, Bitcoin’s market value is within a mere 0.9% of its ATH. However, despite the anticipation surrounding Bitcoin’s potential breach of its previous record, the overall sentiment remains relatively neutral compared to previous bull cycles. Per the latest price information, BTC trades at $67,259.02, a 5.64% uptick within the last day.
Significantly, Santiment noted that this neutral sentiment could be a strength, as it leaves room for shorts to be liquidated and fuel a rally beyond $70K. The analytics firm cautioned that market sentiment tends to shift wildly once major resistance levels are breached, underscoring the importance of monitoring crowd perceptions if Bitcoin surpasses its ATH.
While Bitcoin’s rise has been notable within the crypto community, altcoins have emerged as the show’s stars. Crypto analyst Michaël van de Poppe expressed surprise at the surge in altcoin prices, noting BTC’s proximity to its ATH. He highlighted Ethereum’s awakening and the relatively subdued performance of altcoins despite minimal market retail activity.
Additionally, Ethereum has been demonstrating notable progress, valued at $3,720.33, reflecting a 7.45% increase in the past 24 hours. Similarly, XRP, a significant altcoin, has observed a 2.43% price uptick during the same period, trading at $0.641635.
However, the real standout performers have been the meme coins. The Pepe meme coin, at $0.000008, has surged 14.90% in the last 24 hours, while the Shiba Inu’s SHIB has surged by an impressive 63.28% to $0.000038 during the same time. Rekt Capital, a respected crypto analyst, noted that SHIB has already reached its blue resistance level, suggesting that the meme coin is up 300% from their initial post.
As the crypto market continues to captivate investors, the interplay between Bitcoin’s potential ATH breakthrough and the surging altcoin market promises to keep traders and enthusiasts on the edge.
