During the last few days, the markets witnessed a remarkable change as the Bitcoin keeps proving itself to be a safe haven. The Bitcoin’s price spiked by more than 11% against the U.S.dollar in the past 24 hours crossing the resistance levels of $11,900 and reaching a trading price of $12,700 (when writing this article) followed by an increase of 10% in trading volume giving it a chance to reset its ATH (all-time highs).
Further, by changing the resistance levels and keeping this consistent momentum Bitcoin’s weekly gains reached 30% making it one of today’s top gainers.
Bitcoin’s spike.. and its effect on altcoins
As predicted, the Bitcoin’s spike and rush towards the $13,000 price had diverse consequences on the altcoins.In fact, some of the altcoins managed to reach impressive gain levels while others were forced to fall against the market leader.
Ethereum (ETH) sealed support level above $300 by reaching a price of $317 with a remarkable increase of 8% during this last week.
In addition, Bitcoin Cash and Bitcoin (SV) experienced price and trading volume increases, with BCH making a 4% increase and Bitcoin SV surpassing the $207.
Meanwhile, many altcoins were subject to declines as their prices dropped, Tron (TRX) experienced a drop of 3% and Chainlink is still struggling with its 7.4% decrease.