The cryptocurrency king, Bitcoin (BTC) 
$91,417, has surpassed the $66,000 mark as of the writing of this article. This recent surge is significant for altcoins, signaling the potential end of a two-quarter slump. Following a quick drop to $53,000 after a previous attempt to break through $65,000, altcoins experienced losses exceeding 20%. However, contrary to this trend, today marks a resurgence.
Bitcoin (BTC) Rises
For the first time in 58 days since July 31, BTC has tested the $66,000 level. As this article is being prepared, BTC hovers around $66,000, having shown positive movements from $57,255 and $53,000 levels for months. Despite exceeding $66,000, significant resistance levels remain at $68,300 and $71,550.
The last three months of the year are typically viewed as a bullish period in cryptocurrency markets, prompting expectations of price increases as the final quarter approaches. Positive sentiment is further bolstered by the Federal Reserve’s anticipated interest rate cuts and the stabilization of recession fears.
Leading Altcoins of the Day
As of this article, Shiba Coin is up 25% at $0.0000214. DOGE has surpassed $0.12, indicating that investor appetite for altcoins is returning to significant levels. Over the last 24 hours, many of the top 100 cryptocurrencies have recorded double-digit gains, predominantly among meme coins.
- SHIB 25%
- FLOKI 18%
- PEPE 18%
- W 16%
- BONK 14%
- ORDI 11%
- NOT 11%
This week, the total market capitalization of cryptocurrencies rose from $2.22 trillion to $2.31 trillion, while BTC’s market dominance decreased to 56.3%. According to CMC data, the fear and greed index remains just above neutral at 54.
If BTC can maintain a strong position above $66,000 heading into the weekend, we may witness even more exciting altcoin rallies in the next 48 hours.
