Bitcoin has returned to its 2023 resistance level at $31,000, but several altcoins have surged by double digits over the past 24 hours.
The weekend has been a big one for crypto markets, with BTC skyrocketing to a new multi-month peak at around $31,000.
Moreover, the move has pushed total market capitalization to $1.19 trillion, its highest level since mid-August.
Solid Bitcoin Weekly Close
Bitcoin prices neared $31,000 during the Monday morning Asian trading session. This is the highest they have been since mid-July, marking the fourth time the asset has visited this price level in 2023.
Analysts have observed the bullish weekly candle close, wiping out all losses over the past two months.
Moreover, BTC dominance is over 52%, its highest since April 2021. Analyst ‘CrediBULL Crypto’ said Bitcoin “is on the verge of a massive breakout, and dominance is going a lot higher before it shifts back to a downtrend.”
Bitcoin’s 11% gain over the past week has moved MicroStrategy’s massive $4.6 billion investment back into the green. Nevertheless, traders have identified a head and shoulders pattern that could lead to another downside if it plays out.
Nevertheless, Bitcoin’s 2% daily gain has been dwarfed by the double-digit pumps for a handful of altcoins. ‘CrediBULL Crypto’ commented:
“The 5 out of 10,000 alts that are pumping right now are not the norm they are the exception- which is also why they have barely made a dent on BTC dominance.”
Five Flying Altcoins
Chainlink’s LINK has made a whopping 17% over the past 24 hours to reach $10.74 at the time of writing. The asset is now up 44% over the past seven days and is the top-performing altcoin today.
LINK has smashed through resistance at around $8 to reach its highest price since May 2022, when the Terra/Luna ecosystem collapsed.
AAVE is also on a tear, gaining 11% over the past day to hit $78.90 at the time of writing. However, it has returned to 2023 resistance levels that were last hit and rejected in mid-July.
Fantom (FTM) has also gained 11% on the day to reach $0.221. This is its highest price since the mid-August market dump.
Polygon (MATIC) is up 9% to reach a ten-week high of $0.621 at the time of writing. Meanwhile, Aptos (APT) has gained a similar amount over the past 24 hours to reach $6.20, its highest since mid-August.