Overnight, Tether minted 2 billion USDT on Ethereum, providing ample funds for the market. The price of Bitcoin has also reached $89,530, continually refreshing its historical high. Currently, Bitcoin's market value has surpassed that of silver, becoming the eighth-largest asset in the world, with a market value of $1.741 trillion.
The catalyst for the peak bull market has been ignited, and Bitcoin's increase is far ahead among mainstream coins. However, most investors in the market still hold a large number of altcoins, some of which are still in a loss state after buying at the highs. Therefore, when altcoins can explode at this stage is a question of great concern to everyone.
To know this round of the bull market, Ethereum's performance has always lagged behind Bitcoin. From the exchange rate of Ethereum against Bitcoin, since the peak of the last bull market, Ethereum's exchange rate has been on a downward trend. Since the start of the bull market at the beginning of last year, Ethereum's weekly exchange rate has been below the weekly 30MA and has shown a continuous downward trend, which is one of the reasons why Ethereum is very far from its previous high in this round of the bull market.
However, from the chart, we can see that Ethereum's exchange rate stabilized above the 5 and 10 MA on the weekly level last week. Moreover, the bottom position of the moving average is exactly at 23.6% of the upward phase of Ethereum's exchange rate during the last bull market. Currently, indicators show that Ethereum is in a weak upward trend relative to Bitcoin. This week, due to Bitcoin's continuous breakthroughs of historical highs, Ethereum's exchange rate has not yet surpassed the 5 and 10 MA on the weekly level. However, last week, Ethereum confirmed a reversal on the weekly level. Therefore, whether Ethereum's exchange rate can stabilize above 0.039 this week is particularly critical.
If Ethereum's exchange rate stabilizes above 0.039 this week, the bottom of altcoins last week may be the starting point for this round of altcoin market explosion. Generally, it takes about 3 to 5 months for most altcoins in the market to reach their peak, so there are still opportunities in the market at this stage.
Recently, the MEME sector has been continuously hot, but the cryptocurrencies in the AI sector are also starting to stir. The ACT listed on Binance yesterday brought a lot of traffic to the AI sector.
As the leading cryptocurrency in the AI sector, FET has been performing very poorly since the merger of the three coins. However, since last week, driven by the market, FET's price has stabilized above the weekly 30MA after about 5 months, showing a bullish trend on a medium-term level. FET is also one of the dark horses in this round of the bull market. Currently, from a weekly perspective, there is significant selling pressure around $2.7. However, at the current price, as long as FET can remain above $1.5 this week, when the price approaches $2.7, there will still be about a 60% increase.
