Virtually all of the cryptocurrency markets derive value from Bitcoin first and foremost. While some altcoin maximalists will gladly claim otherwise, it is evident that is not the case. As such, a positive Bitcoin price trend is of the utmost importance. So far, the world’s leading cryptocurrency appears to be on the right track, although the road ahead could be bumpy.
Bitcoin Price Momentum is Crucial
With a positive Bitcoin trend, the rest of the cryptocurrency markets will usually see some form of promising momentum. If Bitcoin’s trend falls apart, the altcoins will bleed value pretty quickly. So far, it seems as if Bitcoin shows no signs of slowing down just yet. However, there is also a ceiling as to how high the price can go at this time, as $5,300 seems to offer plenty of resistance along the way. That particular value may not be reached for some time to come, depending on how the market evolves exactly.
Over the past 24 hours, the Bitcoin price has risen by 0.95%, which is not all that impressive. In fact, it is…