Altcoins Surge Higher as Bitcoin Consolidates at $30,400

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(Kitco News) – Altcoins stole the show in Friday trading as the price of Bitcoin (BTC) continued to consolidate near the USD 30,000 support level, prompting many crypto traders to switch to altcoins, which have historically experienced price increases seen after a remarkable move in BTC.

Stocks also rallied to end the first half of 2023 on a positive note, boosted by the latest data from the Personal Consumption Expenditures (PCE) Index – the Federal Reserve’s preferred inflation gauge – which fell to its lowest level in two years. As markets closed, the S&P, Dow and Nasdaq were all in the green, up 1.23%, 0.84% ​​and 1.45% respectively.

TradingView data shows Bitcoin climbed higher in early trading hours, peaking at a daily high of $31,290, before reports emerged that the SEC said recent spot BTC ETF filings were “insufficient,” leading to a selloff that dropped the top crypto to a daily low of $29,620. BTC has since climbed back above $30,400.

BTC/USD chart by TradingView

According to Jim Wyckoff, senior technical analyst at Kitco, Bitcoin’s current pause at higher price levels is not bearish and suggests that the bulls are storing energy for another burst in the near term. He added that “the bulls have the solid short-term overall technical advantage.”

Most analysts on crypto Twitter viewed the whiplash in Bitcoin price as an overreaction to the SEC announcement, calling it the latest round of FUD (fear, uncertainty, and doubt) designed to push holders to sell their tokens.

Cubic Analytics founder Caleb Franzen encouraged crypto traders to “relax” as the Bitcoin chart continues to post “higher and higher lows.”

And MN Trading founder Michaël van de Poppe assured investors that the bull market for Bitcoin remains intact, saying the top crypto is still on track to hit $35,000-$40,000 in the near future.

Altcoins are rising higher

It was a bullish day for the altcoin market as a total of 18 tokens in the top 200 posted double-digit gains, with “dino coins” making some of the biggest gains amid rising institutional interest.

Daily cryptocurrency market performance. Source: Coin360

eCash (XEC) posted the biggest gains of the day, up 52.82% to trade at $0.000036, followed by a 30.7% gain for Horizen (ZEN) and a 25% gain for Litecoin ( LTC).

The total cryptocurrency market cap now stands at $1.19 trillion and Bitcoin’s dominance rate is 49.5%.

disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure that the information provided is accurate; Neither Kitco Metals Inc. however, neither the author can guarantee such accuracy. This article is for informational purposes only. It is not an invitation to trade commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no liability for any loss and/or damage resulting from the use of this publication.

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