Bitcoin’s $60K Breakout and Altcoin Rally!
The overall crypto market rose more than 2 percent in London's mid-session on Tuesday. The altcoin industry reacted quickly to the Bitcoin (BTC) price spike above $60k.
At the time of writing, the price of Bitcoin has risen by 4% in the past 24 hours to trade at $60,864.
Large-cap altcoins — led by Binance Coin (BNB), Ripple Labs-backed XRP, Dogecoin (DOGE) and Tron (TRX) — are up more than 5 percent in the past 24 hours.
The main reasons crypto is up today.
General market acquisition
As previously reported, the recent crypto crash was triggered by a sharp fall in the stock market led by Japan's Nikkei 225. However, intervention by financial regulators, including rising global liquidity, helped mitigate the recent losses.
With gold trading at an all-time high over the weekend, the crypto industry was bound to follow suit.
Many people's feelings
As Bitcoin price consistently closed above the crucial support level around $58k and rose to a daily high of $61.3k, fears of further crypto capitulation have eased.
In addition to improving crypto regulatory transparency in various markets – led by India, the United States, Russia and China, among others – many institutional investors have been buying the dip.
As previously reported, the Bitcoin well led by spot ETF issuers has accelerated the pace of accumulation.
Increasing supply of Stablecoins
Since the cryptocurrency crash earlier this month, stablecoin issuers Circle and Tether have released billions of dollars, which have been deposited into various exchanges. As a result, based on bearish sentiments in August and September, overall buying pressure has increased significantly despite the recent threat of further crypto capitulation.
Earlier today, Tether produced 1 billion USDT, maintaining the level of the Federal Reserve for the crypto industry.
See also: Technical Tips to ‘Sell Bitcoin'; But here BTC price rally is waiting
