The past weekend has been one of the best ones for the market bulls in recent months. Bitcoin, which has been on one of the most impressive bullish rallies in recent weeks, set a new year high of $7,500. In the recent move, the crypto leader managed to pull altcoins which have been slumped.
In among the highest movers was Ethereum, the largest altcoin by market cap, which managed to climb above $200 for the first time in more than 6 months. Other top gainers included Bitcoin Cash, Litecoin, and Cardano. The wider market cap also managed to post a new year record high of over $200 billion where it still sits.
What Triggered The Surge?
While it remains unclear what triggered this recent price surge, some have been speculating that a whale movement over the weekend could have stirred the waters. Over the weekend a whale moved around 47,000 Bitcoins valued for around $340 million. This made up a big chunk of the 100,000 Bitcoins, valued at around $670 million, traded by whales over the weekend.
Whale movement remains inconclusive if it’s the main reason prices rallied but regardless, it would seem the market could be gearing up for the biggest rally since 2017. Last week, investment bank Canaccord Genuity, stated that it expects Bitcoin to go through vigorous growth in the next 24 months, possibly hitting its 2017 highs.
Above The $8,000 Position The Next Key Target
Now at the start of a fresh week, prices have gone under a short correction. This has seen Bitcoin prices drop to a little under $7,300. Altcoins have also slightly dipped. The top altcoin, Ethereum, after hitting its new high of $200, has in the last couple of hours dropped back and at the time of press has settled around $192.
Despite the short dip, the mood remains strongly bullish as key cryptocurrencies are holding high support positions. With Bitcoin now eyeing the $8,000 position and moving in sets of $100, a $7,100 support position would be ideal to see the coin move above $8,000 before the end of the week.
If Bitcoin can achieve this in the next couple of days and manage to pull altcoins with it, the total market cap could be testing the $300 billion position soon.