Bitcoin (BTC) over $12,200
In 2020, the CTO had managed to break the $12,200 threshold only once, and briefly, during the summer. Then its price suffered a sharp correction in early September. The question is whether this increase signals a new bull run, or whether Bitcoin Machine price will fall again.
The rise had started in mid-October, but the biggest breakthrough came early this morning, with the price of Bitcoin rising by almost 4% in a few hours:
Bitcoin BTC price
Over the last two weeks, the BTC course has increased by 14%, finally surpassing the levels of September 1st. Its market cap is approaching $227 billion.
However, the breakthrough of the greatest cryptomony does not seem for the moment to have led to the altcoins. Over the last 24 hours, Ether (ETH) has only increased by +1%, and Ripple’s XRP has stagnated at +0.1%. Same story for Bitcoin Cash (BCH), with +1%, while the Binance Coin (BNB) falls by -1%, and the Chainlink (LINK) loses -2.6%.
There are several reasons for this difference between Bitcoin and Altcoins. Some commentators believe that the funds that fueled the DeFi madness over the summer are being redirected to the BTC :
„The money is moving from the Altcoins to the BTC. …] This will give the BTC a decent short-term movement, probably around $14,000-15,000. At the same time, the DeFi coins are oversold, which creates interesting entry points for people who are positioning themselves for the long term. »
Others mention the fall of the dollar, which makes investors turn to valuable reserves such as gold… And boosts Bitcoin in the process, which is generally considered more of a financial haven than its Altcoin comrades.
An increase in Altcoin, and Ether in particular, would confirm a basic trend for Bitcoin. We should therefore wait and see whether this is a technical bull trap, or a real bull run.