The continuous rise of Bitcoin has had a wide impact on the cryptocurrency market. Bitcoin surpassed the $40,000 level and has consistently shown an increase, reaching $44,000 for the first time since 2022. But is this affecting altcoins?
With the expectations of ETFs around Bitcoin, the cryptocurrency market has been buzzing, and significant increases have been observed in the prices of some altcoins related to BTC. According to data provided by Binance, three altcoins experienced an incredible increase in price in the last hour, with all of them gaining over 50% in value.
Especially after a long period of silence, BTTC showed a price increase of 100% and then retreated a bit. The 24-hour trading volume increased by 94% to reach $124 million, and BTTC entered the top 70 in market rankings. POLS also showed an increase of over 80% in the last hour, starting to trade at $0.7455 with a 58% increase. The 24-hour trading volume increased by 1402% to reach $54 million.
There is also a scenario of growth for BAKE. Starting under the shadow of BTC, BAKE’s price increased by 50% to reach $0.2693. The 24-hour trading volume increased by nearly 1800% to reach $513.7 million, and BAKE is currently ranked 383rd in market rankings.
After days of continuous price increases for Bitcoin, it is a matter of curiosity whether these developments are a result of the “buy the rumor, sell the news” situation or if they are truly an early jump due to ETF and halving. Bitcoin has experienced a slight decrease of 1.5% in the last 24 hours, trading at $43,651. However, surpassing the $44,000 level is considered a significant development.