After testing the $ 40,000 and correcting it, Bitcoin is now in a consolidation phase. Now, BTC is finding support around $ 35,000 . The resistance level of $ 38,000 is currently proving insurmountable. And when Bitcoin gets stuck after a big rise, we often see a rotation towards the alts . And that is precisely what is happening.
Ethereum, Polkadot, Litecoin and others lead the way
Bitcoin has been the locomotive of the crypto market in recent weeks. Now the wheel is turning. In the top 10, BTC has been the worst performing crypto of the lot for a week (around + 2%). Ethereum and Cardano have appreciated by almost 20%. Chainlink by more than 40% . And Litecoin by almost 11%. But the champion at the top of the basket is undoubtedly Polkadot . Ethereum’s competitor has indeed seen its price double in just 7 days.
Over 24 hours, Ripple and Litecoin (+ 13%) perform the best. If we go lower in the top 100, we discover a lot of green. Especially on the side of DeFi tokens, which are doing very well. Since the peak of Bitcoin’s dominance on January 3 at over 72%, we are now at 65%. Which is proof that there has been a bull market in alts since early January .
A movement predicted by Raoul Pal
A few days ago, Raoul Pal predicted the rise of Ethereum . He believes Ether will outperform Bitcoin throughout the year. On January 7, he said Buterin’s cryptocurrency could reach $ 10,000 or $ 20,000 if it follows Bitcoin’s cycle.
He admits to being more exposed to Bitcoin than to Ethereum. But he has accumulated ETH recently. The next step in this bull market will be on the riskier side. It is also positioning itself, but by investing more modest amounts.