Altcoin Action: Waves, Loopring Surge As Bitcoin Bulls Witness $48k
According to Santiment, bitcoin hit the $48k mark for the first time in 2022. The report also mentioned that Altcoin traders rode on the surge, with coins like Waves performing exemplarily well. Different recent activities around Bitcoin and crypto are credited for the ongoing bulls.
Waves, Loopring Price Actions
Bitcoins’ price jumps also impacted the entire crypto market. The Santiment tweet says, “In terms of #altcoins, $WAVES has stood tall above the top 100 pack.”
Waves made the highest price jumps out of the top 100 crypto coins. Santiment’s chart shows that Waves made a 55% price surge in the past 24 hours. Waves is trading at $49, with a $5.3 billion market cap. Its 24-hour charts indicate a possible continuous bullish trend in the coming days.
The toughest resistance level for Waves is currently in the $53 region. Waves hit the $53 mark in the past seven days and later dropped. However, if the current bulls continue, Waves could hit much higher prices.
Loopring also made positive price actions in the past 24 hours. According to coinmarketcap, the token, which trades at a little over $1.27, gained nearly 10%. Loopring currently ranks 68 based on market cap. It gained over 50% in the past seven days.
The seven-day high for Loopring is $1.3. Although it’s trading below the 7-day high, there is a massive possibility of Loopring reclaiming that level soon. However, out of all the Altcoins in
Bitcoin Hits $48k
For the first time in 2022, Bitcoin, the largest crypto asset by market cap, hit the $48k mark yesterday. Bitcoin has been on a serious upward trend in the markets, a move that started in the early days of the Russian war.
Santiment tweeted, “#Bitcoin may have ended Monday mostly flat, but not before its first visit above $48k caused a welcome sight of social volume returning to the #1 market cap asset in #crypto.”
Yes, bitcoins value later dropped, and the coin is currently trading at about $47.7k. But, the coin is already showing signs of heading into a strong bull market.
today’s markets, Waves remains the most dominant altcoin. These recent price actions by Bitcoin and altcoins could signify a longer bullish statement.
Why Bitcoin and Altcoins are Surging
Based on Santiment’s tweet, the social volumes around Bitcoin are the leading causes of this performance. These social volumes are increasing because of the increase in general activities worldwide.
Just recently, the Federal Reserve announced new interest rate legislation. This move made the financial markets bullish since its focus was reducing inflation. The ongoing war is also another factor that boosts the use of bitcoin and hence the price increase.
Janet Yellen, the treasury secretary, also appeared to have changed her opinions on crypto and is more accepting at the moment. Terra bought $10 billion in BTC, and Goldman Sach created the first bitcoin OT trade. Any positive movements around Bitcoin often contribute to bulls all over the market.
