Altcoins rally as Bitcoin strength improves market sentiment.
Bitcoin’s rally toward the $90,000 level shaped trading across the crypto market this week. The action also boosted the market sentiment and aligned with the weekly returns in several other alternative tokens, topped by MYX Finance, Pepe, and Canton, with high volumes and participation.
The rise of Bitcoin became the center of reference of traders. As Bitcoin price rises to 2.99% over the past week and trading above $90,000, this lowered short-term uncertainty and faster diversification into buying interest supported the point. As the most dominant asset became well balanced, there was focus on tokens that revealed momentum and liquidity.
MYX, Pepe, and Canton Post Weekly Gains as Bitcoin Rallies
MYX Finance (MYX) provided the best performance among substantial gainers on a weekly basis. The token increased 82.66% over the past week. As of press time, it is trading at $6.23. The past 24 hours trading volume is over $125 million which made MYX one of the most actively traded assets of the week.
The rally was a distinct turnaround after a period of weaknesses. The growth in prices was accompanied by increased turnover across major trading platforms. The move indicated the heightened speculative interest in a Bitcoin strength phase.
Pepe meme coin rally also registered a high weekly improvement. The token was up by almost 50% and it traded at an average of $0.000006123. Daily volume exceeded $1.23 billion which indicates heavy short term trading.
The relocation was after a breakout of a consolidation period. The price rise was accompanied by an increase in the trading activity. The same trends have been observed in previous Bitcoin-led spikes, as riskier tokens developed more flows.
Canton (CC) also registered a significant improvement. The token gained 40.29% during the week and it was trading around $0.1533. Daily volume was estimated at around 26 million, moreover, this means that this company has been participating in the market.
Even though the market size in Canton is still smaller than MYX or Pepe, the weekly growth was substantial. This relocation was in line with overall strength in other alternative assets. Performance indicated the increasing conditions throughout the broader crypto market.
BTC Liquidity Clusters Define Key Levels
The price structure of Bitcoin also continued to be a major area of concern as the rally kept on to major levels. In an X post, analyst Ted indicated that Bitcoin is trading between two well-defined liquidity zones. On the positive end, there is a liquidity concentration of $91,000 to $92,000.
Liquidity on the down side is concentrated within the range of $88,500 to $89,000. Another gap in CME futures that Ted pointed out was around $88,200. He observed that Bitcoin has in the past been inclined towards bridging such gaps during periods of high trade.
As Bitcoin raises to $90,000, the analysis has provided definite short term positioning reference points. Bitcoin’s behavior at these levels influenced immediate market direction.
