Based on market analysis today, Bitcoin has surprised market experts’ prediction of reaching the $35,000 level, and this was recorded on November 5, 2023. This fresh high is about 50% shy of its initial all-time high that was last seen in late 2021.
Moreover, this has shown a positive impact on northern altcoins as the crypto market expects a bull run amid the BTC price developments.
The rally has put postage momentum on investor hopes as their confidence in the crypto asset increases amid awaited events. Among them include the next Bitcoin halving as well as the Exchange-Traded Funds (ETF) approval that would significantly influence its market value by a great deal
Bitcoin reached a fresh high of $35,000
Bitcoin has seen an increase in its price since October and has accounted for over a 20% increase in its price. However, recent sediments in its price tag show a decline in its value over the last few days.
Still, the digital currency has tried to reclaim its levels of $35,100 and is currently fixed at a tagged price of $35,165 at the time of writing.
Following the surge in its price, other altcoins are seemingly trying to outperform the major asset but in collective terms. Bitcoin is still the lead in gains the past few weeks, but other digital assets have been affected by its rally and are now showing a united competition against the first-generation blockchain.
Among the top altcoins affected include Ethereum‘s ETH, which is also pushing to the upside. ETH has recorded a 3.18% increase in the past 24 hours, beating Bitcoin by 2.01% that’s currently at 1.17%. At the time of writing, Ethereum’s price was valued at $1,894, and this has been noted as a price outperformance compared to Bitcoin.
Crypto performers in the past 24 hours
Adding to the best-performed altcoins is MultiverseX (EGLD) in the past day, recording a rise of 46%. The asset is currently tagged at $46.5 at the time of writing, also showing a 56.87% increase over the past 7 days.
However, according to CoinMarketCap, Tether is currently the best performer by 71.03% daily volume in the past 24 hours, followed by Bitcoin at 32.24%. ImmutableX (IMX) followed EGLD with a 25% increase in its price over the same semester, and third in line is PancakeSwap (CAKE), which has witnessed a 17.7% gain.
On the bottom side, Solana (SOL) is the worst-performing asset, recording a 2.4% decrease. However, it’s currently tagged at a 0.12% decrease in its price, which was an unexpected result. Its weekly gain is recorded in the green as it accounted for 28.53%. This has surprised Bitcoin’s 26.70% month gain, showing the dominance of other altcoins over the major crypto asset.
XRP is up by 4.49% in the last day and has also beaten Bitcoin’s overall performance in the past 24 hours. This has recorded a 3.47% difference. BNB has also been one of the top performers, recording a 3.79% increase in the past 4 hours, still beating Bitcoin’s market analysis.
However, it’s not yet identified if the momentum will keep pace and see a potential bull market rally in the coming future. Market experts predict that Bitcoin will soar even higher and past its $40,000 level in the months following the approval of spot Bitcoin exchange-traded funds.
Additionally, this approval is noted to be a potential success based on the recent ETFf filing amendments by major crypto players like BlackRock and VanEck.
BTC’s bull run prediction
Per crypto market analysis, here are factors that may lead to the next crypto bull run. Market traders are banking on 2024’s Bitcoin Halving Event. The halving event scheduled for April 2024 traditionally affects Bitcoin supply and has historically been a precursor to bull runs.
Memecoins continue to attract the public’s attention and a surge in these coins will lead the market upwards. The year 2023 saw the introduction of tokens such as Pepe, as well as new presales. Analysts are debating whether meme currencies can ride this wave during a bull market.