Bitcoin recently surged to a new all-time high of $118K+ This move not only marks a significant shift after an extensive period of stagnation, but also signals a breakout above the former resistance, now support, of $ 110K. It’s a significant breakout in terms of the price action and percentage move, and is likely to be retested. However, it is expected to be short and shallow.
Traditionally, the $110K would be retested. However, considering the stage of the cycle, I wouldn’t be surprised if BTC remains above $113K to $115K before making its next significant move. Price action typically moves relatively fast after an extended period of consolidation. This should provide time for altcoins to begin moving higher. Already, many altcoins have rallied by double-digit percentage points.
These are typically smaller projects and generally fall within the micro-caps sector. As mentioned in a recent post, Silencio is an excellent altcoin to acquire without any investment through recording noise pollution via the Silencio dApp. At the time of writing, Silencio’s SLC token is up 12%, and the market cap has already surged to nearly $5 million in just a few days.
This article was first published on Sapphire Crypto.
