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The cryptocurrency market continues to attract a large number of investors that are placing their bets on several virtual currencies. However, Bitcoin (BTC) remains the most important one in terms of adoption. Despite the recent volatility Bitcoin experienced, the cryptocurrency could surpass its previous local high in June last year. If that happens, we could see BTC reaching values above $13,750.
Bitcoin Could See a Rally Towards $13,750 and More
According to crypto analysts that are following the market, Bitcoin could move higher and rally towards $13,750 and even higher. This can happen in the coming weeks or even months, which could be the new beginning of a larger bull market as we have seen in 2017 when Bitcoin surpassed $20,000.
☆ BTC / USD — Bitcoin Trading ☆ by ArShevelev on TradingView.com
During the last few days, Bitcoin has been experiencing high volatility, specifically when it broke above $10,000 and it went towards the $10,250 level. Just a few hours after this move, Bitcoin falls to $9,300 before starting to recover part of its value. Currently, Bitcoin is being traded around $9,630, -1,59% down compared to 24 hours ago.
Altcoins have also been trying to move higher but they were not able to enter a new bull market. This is because they are still highly correlated to Bitcoin. At the same time, the largest cryptocurrency in the world still has a market dominance of 64.7%, which is among the highest in the last years.
Altcoins would need Bitcoin to move higher and show strength if they want to be in a new bull market. In the past, when Bitcoin moved higher, altcoins generally experienced larger gains due to different reasons, including low liquidity. This has pushed many BTC pairs to reach very high prices and then massively falling after some time.
Regarding XRP, which is the fourth largest cryptocurrency in the market, we see that it is close to $0.20, a very important support level for the digital asset. If the price of XRP falls below that level, it may be very bearish for this digital currency. One of the main issues that have affected the price of XRP is related to Ripple selling large amounts of the cryptocurrency in order to funds their operations.
Investors are searching for new investment opportunities and if the crypto market starts growing it would provide great returns to users.