Bitcoin Price Can Go Up To $31K But These 5 Altcoins Are Flying

The weekend was a big one for the crypto markets, with BTC hitting a new multi-month high near $31,000.

Moreover, the move lifted the total market capitalization to $1.19 trillion, the highest level since mid-August.

Strong Bitcoin weekly close

Bitcoin prices It reached $31,000 in the Asian trading session on Monday morning. This is the highest since mid-July and marks the fourth time the asset has visited this price level in 2023.

Analysts have seen a bullish weekly candle close, erasing all losses in the past two months.

A beautiful weekly close that refreshes the level we broke 2 months ago, the biggest bullish event we've seen since the FTX crash/bottom at 15k.

If you're lucky, we'll get a clean green zone test before proceeding.

send him $BTC pic.twitter.com/3rsnaWK28h

— CrediBULL Crypto (@CredibleCrypto) October 23, 2023

Additionally, BTC dominance is over 52%, the highest since April 2021. Analyst ‘CrediBULL Crypto' he said. “Bitcoin is in a big phase, and the dominance is very high before it turns into a decline.”

Bitcoin's 11 percent gain last week moved MicroStrategy's $4.6 billion investment into the green. However, traders have identified a head and shoulders pattern that can cause another failure if it plays out.

$BTC 1 W

We still have potential HS. It is very balanced and has a high chance of being played.

Confirms at 25k crash and worthless at 31.8 crash. I'd argue $BTC.D won't play as it has bearish divs but we'll see. #bitcoin #cryptocurrency #cryptonews pic.twitter.com/qaKIjHcPjy

— Roman (@Roman_Trading) October 22, 2023

However, Bitcoin's 2% daily gains have been dwarfed by double-digit pumps in a handful of altcoins. ‘CrediBULL Crypto' commented:

“5 out of 10,000 alts blowing up right now are not normal – that's why they've caused so little trouble with BTC dominance.”

Five Flying Altcoins

Chainlink link At the time of writing, it was up 17 percent in the last 24 hours to reach $10.74. The asset is now up 44% over the past seven days and is the top performing altcoin today.

LINK broke the resistance around $8 to reach the highest price since the May 2022 collapse of the Terra/Luna ecosystem.

AAVE is also on a tear, gaining 11% over the past day to hit $78.90 at the time of writing. However, it has returned to the 2023 defense levels, which were last hit and rejected in mid-July.

Phantom (FTM) gained 11% on the day to $0.221. This is the highest price since the mid-August market crash.

Polygon (MATIC) is up 9% to reach a ten-week high of $0.621 at the time of writing. Meanwhile, Aptos (APT) gained the same amount in the last 24 hours to reach $6.20, its highest since mid-August.