Bitcoin hits new high while Ethereum drives alternative cryptocurrencies
Bitcoin (BTC) has surpassed the $31,000 level after a period of consolidation, giving altcoins reason to hope for the same performance. According to data from Cointelegraph Markets Pro and TradingView, the BTC/USD pair hit a ten-month high of $31,035 on Bitstamp. The recent market rally has strengthened investors' belief that the ongoing strength and long-term downtrend will break through, despite facing regulatory pressure and macroeconomic problems in the USA. However, some analysts have warned of potential surface corrections in the uptrend. Meanwhile, altcoins such as Ethereum (ETH) have started to grow after the Shanghai upgrade. The ETH/USD pair regained $2,000 last week, its highest level since May 2022. Financial commentators have noted that the altcoin season has started, with the total altcoin market cap increasing by $62 billion in two weeks. Analysts predict that after the initial surge led by altcoins, Bitcoin should follow suit.
