- Bitcoin price sparked a major crypto rally as it soared to $35,000.
- Mina token surged after the token was launched in Upbit.
- Other top-performing crypto tokens are Casper and Oasis Network.
Cryptocurrencies held quite well on Wednesday morning even as Bitcoin price pulled back from the highest level this week. After soaring to $35,100 on Tuesday, BTC retreated to about $34,000. This was to be expected since many traders had placed a take-profit at the psychological level of $35,000.
Bitcoin’s surge led to a major rally across the altcoins market. Mina, a smart contract cryptocurrency, soared by more than 100% on Tuesday. Its surge happened after the coin was listed in UpBit, one of the most popular exchanges in South Korea.
Most of Mina’s trading happened in this exchange. According to CoinMarketCap, the total volume of Mina in UpBit surged to over $1 billion. That was much higher than the $250 million that were traded in Binance.
Casper (CSPR) is another coin that saw elevated volume and price movement as cryptocurrencies surged. CSPR surged to a high of $0.035, the highest level since September this year.
Casper is a smart contract platform that aims to become a big player in the industry. It has superior speeds than other blockchains and lower transaction costs. The only challenge for Casper is that it has struggled to gain traction among developers.
Meanwhile, Oasis Network token also jumped sharply. ROSE, its token, rose to a high of $0.05 on Tuesday, the highest point since September 1st. It has jumped by more than 31% from its lowest level this month.
Oasis Network also jumped ahead of the upcoming IllumineX testnet. illumineX is a new decentralized exchange (DEX) built using Oasis technology.
Injective (INJ) token price has also soared, reaching a high of $12.5. At its peak, the Mark Cuban-backed token was up by over 1,000% from its lowest level this year.
In all, many investors believe that Bitcoin – and altcoins – have more room to run in the coming days. In addition to hopes of a Bitcoin ETF, technicals show that the coin has already moved above the key resistance at $32,000 and retested $35,000. This means that there are still buyers interested in Bitcoin.
On the other hand, some analysts, including Peter Schiff believe that this pump will not end well. He believes that Bitcoin ETF will not have a lot of demand as most analysts expect. Therefore, he recommends selling the current rally.
