- Bitcoin prices are eying the key psychological level of $30,000.
- This rally has influenced other altcoins like INJ, FET, SXP, and LINA.
Bitcoin price and other altcoins rebounded on Wednesday as investors moved past the CFTC lawsuit against Binance, the biggest exchange in the world. BTC jumped to a high of $28,400, which was a few points below the highest level this year.
Altcoins rally continues
The strong Bitcoin comeback has led to a major jump in other altcoins. Solar Blockchain’s SXP crypto token jumped by ~60% in the past 24 hours, making it the best-performing coin in the world. The token rose after Binance agreed to support the Swipe mainnet rebranding to Solar.
Linear Protocol’s LINA crypto token rose by 30% in the past 24 hours. It has jumped as the total value locked (TVL) in the ecosystem jumped. LINA, whose token has an APY of over 30% has become one of the best yields in the industry.
Mask Network, has risen by 18% in the past 24 hours. Other top-performing altcoins are Celo, Conflux, Stacks, Injective Protocol, and Fetch.ai.
Not all altcoins were in the green. According to Binance, the worst-performing altcoins in the industry were OMG Network, PIVX, KMD, and Cosmos ATOM among others.
Read more: How to buy Bitcoin.
Bitcoin and altcoin prices coincided with a strong comeback of American stocks. The Dow Jones, Nasdaq 100, and S&P 500 indices have risen by more than 50 basis points. In most cases, these altcoins tend to have a close correlation with each other.
Further, the comeback coincided with the US dollar index (DXY) comeback. The DXY index rose by 0.25% to $102.35. In the same period, the VIX index dropped by more than 3.35% while the fear and greed index dropped to 40.
Bitcoin price forecast
The 4H chart shows that Bitcoin price made a strong recovery after falling to a low of $26,701 this week. It is now approaching the year-to-date high of $28,885. The coin has moved above the 50-period moving average while the Relative Strength Index (RSI) has moved above the neutral level of 50.
Therefore, there is a possibility that Bitcoin price will rise to $30,000 in the coming days. This view will continue rising if it manages to move above the key resistance at $28,885. If this happens, other altcoins like Injective Protocol, Stacks, Conflux, and Algorand will continue rising.
