Bitcoin has been consolidating during the past few days, with its price staying firmly above $34K. This has given some altcoins the opportunity to boom, with XRP and SOL leading the pack amid the major cryptocurrencies.
Bitcoin’s Consolidation Above $34K
Bitcoin’s price has been unable to push above $35K and, instead, has been consolidating passively at around $34.4K, where it currently trades.
Many analysts believe that the cryptocurrency is currently preparing for the next leg up and that this is consolidation under resistance – a well-known bullish trading pattern.
There has been a lot of excitement in the industry lately, mostly surrounding topics such as the potential approval of a spot Bitcoin ETF by the United States Securities and Exchange Commission. While there’s no official confirmation, industry participants are now bullish more than ever.
Altseason Booming?
While Bitcoin has been consolidating, this has seemingly given the opportunity to certain altcoins to perform extremely well. This has given more merit to the notion that there might be an altcoin season (altseason) on the horizon.
As seen in the below heatmap, not all altcoins are performing well, but some of them truly are booming.
Most notably, XRP’s price exploded by over 5% today, poking above the important psychological and technical level of $0.60. It’s very interesting to see if the cryptocurrency will be able to maintain this upward momentum.
On the other hand, we also have Solana’s SOL. It’s up a whopping 7% over the past 24 hours and is now pushing for $40. It’s worth noting that SOL’s been performing extremely well throughout the entire week.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
