After a long time, the crypto markets are completely painted green, with the bulls gaining control. Bitcoin had a bullish weekly close, surging more than 10% and marking weekly highs above $30,600. Presently, the price continues to trade close to these levels, indicating that bullish momentum may prevail for a long time. Besides, some of the altcoins appear to be following the star crypto, while others display no movement and hence appear to be dead.
As expected, with less than 2 months until the yearly close, crypto volatility has spiked significantly. The bears have now switched to inactive mode, suggesting the markets could record a bullish yearly close as they did in previous times. Now that the Bitcoin price has finally reached the interim milestone of $30,000, will Ethereum and other altcoins follow suit?
Ethereum, on the other hand, had surged more than 4% and marked monthly highs above $1700. The ETH price has lowered its pace to a large extent, and hence the yearly milestone at $2000 currently appears to be a tedious job. However, if the ETH/BTC pair gains some momentum, then the possibility of a larger price action can be speculated.
Will Altcoins Outperform Bitcoin?
The other altcoins in the top 20, like BinanceCoin, XRP, Chainlink (LINK), Polygon (MATIC), Avalanche (AVAX), Dogecoin (DOGE), and Polkadot (DOT), are also displaying some variation. The LINK price appears to be extremely bullish and reaches highs beyond $14 only if it breaks the pivotal levels at $10. Besides, the XRP price may also follow a bullish trend and reach $0.6 before the end of 2023.
The BNB price is displaying huge uncertainty and hence has fewer chances of rising above $300 before the end of the year. In MATIC and AVAX, the tokens are believed to maintain a sluggish trend. As the chain is not recording much activity, fewer chances of a breakout can be expected this month. Lastly, DOGE Price has always been surprising with its massive moves, regardless of its direction. Therefore, the popular memecoin could display eye-catching moves in December 2023.
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