Following the latest bitcoin news, we can see that the price of the number one asset reached $3,687 and finally broke past the $3,450 point while other cryptocurrencies are also reporting gains.
Bitcoin is now up by three-quarters of one percent this day and in comparison with the weekly chart, the current price is by 8 percent higher than it was since it started the week at $3.462.
Ripple for example, also gained about 2 percent over the past 24 hours and is currently trading at $0.31 which makes the altcoin 7 percent higher to where it was when it first started the week.
Ethereum has also reached a slight increase over the 24 hours and is now trading at $120 after starting the week at $107. The current price is higher than the mid-week high of $110.
Among the other top 20 cryptocurrencies, Litcoin has seen some of the biggest growth in price up to nearly 16 percent and has overtaken EOS’s place as the fourth cryptocurrency by market cap. The spike in prices could be a result of the recently announced partnership between Litecoin and Beam. Charlie Lee said that he will now focus on making the cryptocurrency more fungible and private.
If we take a look at the traditional stock market we can see a minor downturn with Nasdaq dropping down by 0.7 percent and S&P 500 is also down by 0.69 percent. Some analysts argue that the current growth of the stock market is a bull trap.
The cryptocurrency market, on the other hand, might have gotten spiked after news broke out about the high potential of approving the Bitcoin exchange-traded fund.
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“Rug pull senses tingling. I managed to make it here up in $BTC, up in $USD. Going to keep it that way – tethering ~75% of my $crypto holdings. Playing with the rest. Maybe I get left behind, but I don’t think so.”Despite Bitcoin's increased dominance which now sits at its all-time high of 54.2%, the technical perspectives show that the great altcoin boom on the market is likely to produce a boost - and that the future altcoin news may show us a lot of new capital and confidence from investors. However, this altcoin boom is only possible if Bitcoin sees a strong upside movement and stabilizes above the crucial resistance levels. Currently, the daily spot volume of BTC is at around $580 billion which is still a big up since the first week of March - and a good sign that the great altcoin boom may be around the corner.
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