Bitcoin Price Around $48K, Altcoins on Green Run

By September 16, 2021DeFi
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Currently, the entire cryptocurrency market cap stands at $2.182 trillion, with Bitcoin dominating 41.6%.

A little over a week after the September 7 event that crashed the flagship crypto asset alongside altcoins, Bitcoin has pressed further as it saw a $48k price level again yesterday, now eyeing $50k.

Analysts’ review of the movement leading to the break of the resistance indicates that passing the $47,000 level was significant for bulls. Popular crypto analyst, Michaël van de Poppe said in a YouTube update that “Right now, we are looking at a potential breakout above the range high, that’s the final hurdle before we’re going to have an actual new all-time high, in my opinion.”

Now, as Bitcoin returned to $48k for the second time since May, several altcoins have joined and gained from its little success. However, if the flagship asset continues and mounts the $50k resistance level, it would be a massive gain for altcoins.

Altcoins Follow Bitcoin and Turn Green Too

As little as yesterday’s Bitcoin gain was, data from TradingView reveals gainers from its success in the last 24hours. Altcoins like Ethereum (ETH), Polkadot (DOT), Cardano (ADA), Binance Coin (BNB), Frontier (FRONT), Ren (REN), and Keep Network (KEEP) all felt the mood on Wednesday.

The largest altcoin, Ethereum, which is also the second-largest crypto-asset in market value, raked in a 3 percent gain at the time. Polkadot saw a 4 percent gain, while ADA and BNB accumulated over 6 percent gains.

As for Frontier, a DeFi aggregator, its native token FRONT has, since September 11, looked bullish before it eventually turned green on the 13th, increasing by 66 percent. This surge came after the project launched the Frontier app V.2, allowing users to interact with their crypto wallets.

Ren (REN) has started looking bullish since September 14. Its run began on the 13th, reaching a significant high on 14th, and it eventually increased by 40% on the 15th. This came after the project announced it had integrated the RenVM testnet with Greycore, a semi-decentralized validator that will help actualize the project’s full decentralization ambition.

On the last 24hour chart, KEEP is the biggest gainer. The Keep Network is a protocol comprise of off-chain containers for private data. Data from TradingView reveals that the token was on the low of $0.38 on September 13. However, it eventually surged by 45 percent to $0.55 yesterday. Additionally, its trading volume also reached $80 million, representing a 250 percent growth.

Its rally came after the protocol released a DAO proposal to combine the NuCyper and Keep communities under one governance platform.

Currently, the entire cryptocurrency market cap stands at $2.182 trillion, with Bitcoin dominating 41.6 percent, per available data from CoinMarketCap.

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