The crypto market has been on the boil for the past few months. And it is not for less, considering that what began as a rally in the price of Bitcoin, has ended up driving the rest of the world’s cryptocurrencies. Generating substantial increases in altcoins like Ethereum, BNB, and Doge, in what many called the ‘altcoin season’. However, as he commented in the Tweet From today’s analyst Scott Melker, it looks like it’s Bitcoin’s turn once again:
Scott Melker turns to Bitcoin
For those just starting out in the world of cryptocurrencies, the big news in recent months was the increase in the price of Bitcoin. Breaking all-time highs, and convincing big companies like Tesla and MicroStrategy that investing in the crypto market is a smart move.
However, at the same time that the big rally was taking place in the Bitcoin market. The so-called altcoins or alternative cryptocurrencies were experiencing their own boom period. Which, at times, was much more intense than Bitcoin, and allowed thousands of people to generate impressive profits.
Thus, cryptocurrencies such as Ethereum and BNB more than doubled in price in a short period of time. While Dogecoin, fueled by tweets from Elon Musk and the Reddit group Satoshi Street Bets, was rising exponentially, hitting great all-time highs. However, for analyst Scott Melker, it seems that the pendulum turns to Bitcoin once again.
«Looks like it’s Bitcoin’s turn for a bit».
This comment comes after Bitcoin briefly touched $ 49,375. In what for Scott Melker would be a consolidation of the price below the resistance of $ 50,000, a signal that usually culminates with the break of the resistance. So with his message, Melker warns crypto market investors that for a while, the market gains will be focused on Bitcoin and not on altcoins.