This news might come out as a surprise to many crypto enthusiasts out there that bitcoin has finally stabilized its price above $60K. Despite the fact that the altcoin market is booming and many cryptocurrencies in that regard are taking positive influence over the market, Bitcoin has somehow managed to keep its price relatively stable. The boom of altcoins usually suggests that Bitcoin is going to take a massive hit, and its price is going to decline. But fortunately, that has not happened yet.
Altcoins are also Performing Good
The advances made by various cryptocurrencies other than Bitcoin have made the crypto market reach a new all-time high on its own. Registering the performance of these altcoins, Ethereum remained a classic one as it reached a new all-time high on Wednesday morning, securing its value at $4600; this is the first time Ether has hit this price point since its launch. The Polkadot and Solana were also able to reach new all-time highs, with Solana taking it all the way to $75.
There has been a 0.36% increase in the overall market capitalization of the crypto market, which is extremely stunning given the adoption rates for these cryptocurrencies. What could it mean for Bitcoin in the long run? This is the question to ask? These gradual advances made by altcoins only mean one thing, and that is Bitcoin might lose its spotlight being the mighty cryptocurrency out there.
It is not yet evident or could be predicted with the present amount of data that which cryptocurrency would give Bitcoin a hard time; investors are hoping that it would be Ether as the crypto is breaking its previous all-time highs and is generally at a very great spot in a very long time. But the whole thing could also tip the other way around; as Bitcoin is evidently keeping its ground and managing its price above $61K, it might mean that the altcoin run is about to finish, and a strong bullish run might accompany Bitcoin in the coming days.