The price of Bitcoin skyrocketed back to the $31000 level, propelling 5 altcoins higher. Although Bitcoin did make a significant increase, other cryptocurrencies have outperformed it over the past 24 hours.

The cryptocurrency markets had a huge upswing over the weekend, with Bitcoin surging to a new multi-month high of over $31,000. The overall market value has increased to $1.19 trillion. Thanks to the rise in Bitcoin’s price, which is the highest level since mid-August.

Analysts have noted the bullish weekly candle finish, which reversed the losses seen over the previous two months. For Bitcoin, this return to $31,000 represents the fourth trip to this price level in 2023.

Furthermore, Bitcoin now controls more than 52% of the market, a level not seen since April 2021. According to ‘CrediBULL Crypto,’ an analyst, Bitcoin appears to be ready for a significant breakout, and its dominance is anticipated to increase before reversing into a decline.

Despite Bitcoin’s 11% week-over-week increase, traders are wary because they’ve spotted a potential pattern that, if it occurs, might have a negative impact.

Nevertheless, compared to the double-digit increases seen in several altcoins, Bitcoin’s daily gain of 2% is negligible. These altcoins, according to “CrediBULL Crypto,” are the exception rather than the rule because they haven’t yet had a substantial impact on Bitcoin’s hegemony.

5 Altcoins Have Seen Significant Increase As Bitcoin Skyrocketed Back to the $31000 Level

Bitcoin Skyrocketed Back to the $31000 Level, Propelling 5 Altcoins Higher

Five of these altcoins have performed admirably because Bitcoin skyrocketed back to the $31000 level. Chainlink (LINK), increased by an astonishing 17% over the last day and is currently trading at around $10.74. Additionally, it has increased by 44% over the last week, making it the day’s best-performing altcoin.

AAVE has been on fire recently, rising 11% over the past day to reach $78.90. It has, however, reverted to the 2023 resistance levels that were last seen in mid-July.

Fantom (FTM) also experienced an 11% gain in a single day, reaching a price of $0.221, which is its highest value since the market downturn in mid-August.

Polygon (MATIC) climbed by 9%, reaching a ten-week high of $0.621 at the time of writing.

Aptos (APT) mirrored MATIC’s performance, gaining a similar amount in the past 24 hours, reaching $6.20, its highest price since mid-August.

These altcoins’ notable gains reflect the dynamic nature of the cryptocurrency market. This nature is one where assets beyond Bitcoin continue to experience significant fluctuations and upward momentum.

Ethereum’s Price Began to Climb As Bitcoin Skyrocketed Back to the $31000 Level

Bitcoin Skyrocketed Back to the $31000 Level, Propelling 5 Altcoins Higher

Ethereum’s price also began to climb, surpassing the $1,650 resistance level as Bitcoin skyrocketed back to the $31000 level. The price is now trading above $1,660 and is supported by the 100-hourly Simple Moving Average.

On the hourly chart of ETH/USD, a positive trend line is developing and offering support near $1,645. Although the pair has the potential to rise, it may run into significant resistance near the $1,750 level.

The price of Ethereum was able to hold above the $1,550 support level. The recent uptrend in Bitcoin that saw it break through the $28,500 obstacle led to a bullish mood in ETH. Over the resistance levels of $1,600 and $1,620, Ethereum enjoyed a sustained rise.

In conclusion, the fact that Bitcoin skyrocketed back to the $31000 level has had a significant impact on the cryptocurrency market, propelling several altcoins to higher levels. This resurgence demonstrates the ongoing volatility and potential for substantial gains in the crypto space. Investors should remain vigilant and consider the inherent risks associated with such price fluctuations when participating in this market.