- Bitcoin price roared back as investors waited for the Bitcoin ETF approval.
- This rally led to a major comeback of other cryptocurrencies like Bluzelle.
- Other top performers were the likes of Celer Network, Injective, ThorChain.
Bitcoin continued its remarkable rally this week as it outperformed key financial assets like stocks and bonds. It crossed the important resistance level at $35,000 for the first time since May last year.
Bitcoin’s performance is happening as investors prepare for accumulation as the SEC prepares to approve spot Bitcoin ETFs by the likes of Blackrock, Invesco, Franklin Templeton, and Ark Invest.
Its surge helped to trigger a major bull run in the crypto industry. Bluzelle (BLZ), a blockchain platform that combines smart contracts with storage, surged by over 38% in the past 24 hours. It reached a multi-month high of $0.2600.
Similarly, Celer Network, an interoperability network that enables a one-click experience to access tokens, decentralized finance (DeFi), games, and NFTs, surged to $0.013, the highest level since August 2023. It has roared back by more than 50% from its lowest level this year.
Injective (INJ), the upcoming smart contract network backed by Mark Cuban, continued rising as well. It retested the crucial resistance level at $12, meaning it has risen by over 1,200% from its lowest level in 2023. It has been one of the best-performing cryptocurrencies this year.
Meanwhile, ThorChain (RUNE) price has also rebounded. It retested the crucial resistance point at $2.12, the highest level since August 2022.
All this performance is mostly because Bitcoin tends to have a close correlation with other altcoins. When Bitcoin rises, they rise as well as investors bet on the next big thing. Investors also believe that a Bitcoin ETF approval will lead to the fling of other altcoin ETFs in the coming years.
