Bitcoin pumps 10% to break $89K; traders now buying these altcoins for the bull cycle
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Bitcoin surged past its March ATH to over $89K, sparking trader interest in altcoins like Pepe Unchained, Dogecoin, AIOZ, and Crypto All-Stars
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What happened after Bitcoin broke its March all-time high (ATH) last week shocked everyone – it has continued to surge and now trades above $89K.
But as Bitcoin teeters on the revered $90K mark, traders are pouring funds into altcoins such as Pepe Unchained, Dogecoin, AIOZ Network, and Crypto All-Stars to maximize their gains.
Bitcoin’s new high and $100k in reach
Every sell-off has been eagerly absorbed by Bitcoin bulls who’ve been waiting for this opportunity for months.
After creating an ATH in March, Bitcoin and other cryptos underwent an extended downtrend, which lasted until September.
But after bouncing from just above $50K, Bitcoin is now trading at $89K for the first time in history.
Yet, traders are looking much further ahead, even at the $100K mark and beyond.
The hype is real for Bitcoin right now.
Low funding rates and diminishing exchange supply
It’s not fueled by euphoria, either. Traders are taking long-term bets.
Coinglass data indicates that the recent ascent is enabled by spot buys rather than leveraged futures contracts, which makes it more well-equipped for a longer-term rally.
At the same time, the amount of Bitcoin held on exchanges is at an all-time low.
This shows investors are moving BTC off exchanges, which means they’re holding it long-term and don’t plan on selling – the bedrock for an uptrend continuation.
At the same time, Coinbase’s ranking is rising in Apple’s App Store, showing that new buyers are entering the market quickly.
Bitcoin demand is growing, and it’s only getting stronger with the addition of new market participants.
Many alts have yet to explode on BTC’s rally, but the first movers tell us a lot about the current market landscape.
Investors moving into altcoins following BTC rally
New meme coin Ethereum layer 2 blockchain Pepe Unchained is seeing unprecedented presale growth, having just surpassed the $27 million total raised milestone.
They’re building a layer 2 for joke tokens with 100x faster speeds and lower than the Ethereum main network.
It’ll also have features like a meme coin launchpad, a staking mechanism, a block explorer, a dedicated Ethereum bridge etc.
Experts such as Jacob Bury are speculating that this could rise in price by up to 100x after the presale.
Among the mid-to-large caps, Dogecoin and AIOZ Network are two of the biggest gainers today, pumping 45% and 39%, respectively.
DOGE is the world’s largest meme coin, and AIOZ is an AI coin.
This reflects the trend of meme and AI coins taking center stage in 2024, and it doesn’t look like it will slow down.
And returning to the presale tokens, Crypto All-Stars is seeing success with its total raise eclipsing $3.4 million.
They’re building a staking app for meme coins, allowing users to generate passive revenue on Dogecoin, Shiba Inu, and more.
Given Dogecoin’s 45% rally, it’s no surprise STARS is doing well today.
The project is drawing the attention of top media outlets such as Cryptonews.
All of this shows that as Bitcoin continues to break records, it’s the meme coin and AI narratives making the most gains.
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