The cryptocurrency market has begun to show glimpses of life, as multiple altcoins are beginning to break out of month-long downtrends and Bitcoin has retaken the $7,150 mark, a show of significant strength in recent trading.
The AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens, has also broken through a major resistance point at around 85.9 and currently stands at 87.90 (+4.3% over last 24 hours). The gains were ultimately driven by several major altcoins, including Dogecoin (DOGE) and Verge (XVG) — interestingly, the index provided a leading indicator of Bitcoin’s latest jump above $7,150 based on altcoin movements.
Other cryptocurrency categories have also posted significant gains over the past 24 hours. The AltDex Exchange Token Index (ALTEXC), a benchmark index for the industry’s leading exchange tokens, is up over 5% while the AltDex Privacy Coin Index (ALTPRV), which tracks tokens focused on privacy or security, has jumped around 8%. The ALTPRV has benefited greatly from a recent research report that claimed privacy coins have the largest upside of the entire cryptoasset market
Bitcoin moving back above $7,150 is notable, as just last week, Genesis Capital CEO Michael Moro stated that he believes that Bitcoin is more likely to hit $10,000 than $5,000, should the price hold above $7,150 for a period.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.