Altcoin rally ensues with Bitcoin’s recovery

  • November 16, 2023
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Bitcoin made a sharp comeback after shedding some losses on November 14, after which an altcoin rally also took place, led by Solana’s double-digit gains.

The witnessed traders and investors lending support yet again after a day of profit booking. An altcoin rally took shape as a result, while BTC continued its recovery as usual. Bitcoin reclaimed the trading range above $37,000 again as it fought its resistance at $37,500. ETH rallied along the same lines, pushing north of $2000 with over 7% weekly gains.

Solana has been one of the best performers of the last week, with almost 50% weekly returns. Its market cap has surged significantly towards $27 billion. It is still below its all-time high but may surpass it with its current upward movements.

Bitcoin’s price rise could be due to a couple of factors. Firstly, the liquid supply of BTC may have declined. On the other hand, investors could have started allocating a major portion of their portfolios to BTC with its good performance in 2023. Institutional inflows into the crypto market have also increased, while the lingering hope for spot crypto ETFs continues to incentivize the markets.

If BTC ends the week above $37,000 and sustains it through the weekend, the market could witness a stronger surge soon.

BTC/USD 1D price chart

Bitcoin is currently trading at around $37,400 on November 16, 2023, with BTC/USD trading higher by a margin of 5.2% in the last 24 hours. The market rally has taken the crypto market cap to a 14-month high.

BTC/USD is trading higher than its 20-day EMA (34,923.79), as BTC’s 24-hour volume was at around $28 billion. The crypto market cap increased by around 4.85%, trading at $1.43 trillion.

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