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BCH $487.85 (-4.5%)
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DOGE $0.20 (-3.4%)

Bitcoin Price Breaks $19.3K Ceiling, Some Altcoins Surge

Bitcoin Price Breaks $19.3K Ceiling, Some Altcoins Surge
  • Bitcoin (BTC) price surges above $19,300 resistance.
  • Consequently, BTC’s bullish attempt makes altcoins surge.
  • Many investors believe that all the said altcoins will outperform in 2021.

Bitcoin (BTC) price has surged above the $19,300 resistance. Meanwhile, cryptocurrencies like YFI, AAVE, Elrond, and others are rallying higher to key resistance levels.

Bitcoin bullish attempt makes altcoins surge

The cryptocurrency market’s Bitcoin price is now back to $19,300. However, many traders turned up and provided sufficient volume to support the surge. At the time of writing, one bitcoin is worth $19,238.33, according to CoinGecko.

BTC Price Chart 1-Month (Source: TradingView)
BTC Price Chart 1-Month (Source: TradingView)

Even more, Bitcoin’s price has surged over 169% since the start of 2020. However, the bull run began in August, when a bunch of high profile Bitcoin investments began through MicroStrategy. In addition, the firm helped to propel the crypto to record-breaking heights.

Furthermore, a handful of altcoins have capitalized on BTC’s price range-bound action by rallying above resistance levels. Currently, Bitcoin bulls are attempting to force the price to move above $19,500.

Yearn.finance’s governance token YFI showed huge growth in the crypto world in recent months. YFI price is moving toward $30,000 for the past few days. AAVE is also at an $85.5 support level. However, if this level could hold, the token might reach a new all-time high of above $95.

Elrond (EGLD) has rallied 75% since completing a rounding bottom on Dec. 7. Currently, EGLD is up 11.3 % today. According to CoinGecko, the YFI, AAVE, and EGLD prices are at $25,577, $88.18, and $21.29 respectively, at the time of writing.

Furthermore, if Bitcoin price breaks above $19,500 successfully and flips the resistance to support,  AAVE, YFI, and Elrond may follow suit. In light of this, many investors believe that all the said altcoins will outperform in 2021.

Crypto trading has enticed Ananthi Reeta to write for CoinQuora. She consistently contributes news and feature articles. She has covered several different blockchain and crypto niches, especially altcoins.