- The crypto market has finally made a significant push after about a week of indecision.
- Altcoins are seeing bigger price spikes than leading cryptocurrencies.
- Traders must keep an eye out for social spikes and FOMO in the next few weeks.
After almost a week of indecision, the crypto market has made a significant push to key positions, urging a potential continuation of its rally.
The main driver Bitcoin (BTC) has taken the $23,080 resistance and is gunning for higher levels. In fact, earlier today, BTC attempted to hit $24,000, only to retrace at $23,100. Meanwhile, Ethereum (ETH) is currently sitting at $1,600, a gain of 6.6% in the last 7 days.
These price movements seem to be coinciding with the prevailing market sentiment. At the moment, the crypto space is only divided into people who believe the market has bottomed, and those who think this is a bull trap.
Regardless, on-chain and social metrics platform Santiment predicts that the crypto market, particularly altcoins, will be facing “little resistance” in the coming days.
As seen in the chart above, many lesser-known altcoins have posted higher gains compared to leading tokens. For instance, Aptos (APT) is having an incredible rally and is currently trading at $18.85 per piece. This translates to a 7-day gain of 44.7%. Similarly, NFT game Axie Infinity’s native token AXS has surged by more than 48%.
If history is any guide, it is usually BTC that pumps heavily first before altcoins start recording gains. It is only when BTC starts losing steam during the first leg of its rally that altcoins gain ground. This was the case, especially during the last bull run. However, the narrative is slowly being altered.
As per Santiment, traders must keep an eye out for social spikes and fear of missing out (FOMO) in the next few weeks. In typical trading scenarios, these usually signal the top. However, if there is not much hype yet, then it is possible for the rally to continue.
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Jesus covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.
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