Bitcoin’s price surge to $87,000 has revitalised the cryptocurrency market, leading to significant gains in altcoins such as Enjin, Bittensor, Loom Network, and Boba Network. Technical indicators suggest a bullish trend for Bitcoin, while performance metrics highlight varying challenges within the altcoin sector. Loom’s market activity is constrained due to past manipulations, and both Boba and Aurora are facing decreased total value locked despite recent surges.
Bitcoin has reached a new high of $87,000, marking the most significant increase in over a month. This upturn significantly benefited altcoins such as Enjin, Bittensor, and Boba Network, while other tokens like Aurora and Loom Network also saw impressive gains. During this positive momentum, the overall cryptocurrency market capitalisation surpassed $2.84 trillion, signalling renewed investor interest.
The upward trend in Bitcoin price was supported by technical indicators, showing a bullish pennant pattern on the eight-hour chart. Additionally, Bitcoin surpassed the 50-period and 100-period Exponential Moving Averages (EMA), signalling that bullish sentiments are prevailing. Indicators such as the Relative Strength Index (RSI) and the Stochastic Oscillator also reflect a positive trajectory for Bitcoin, with its next significant resistance target at $88,585 and a psychological level at $90,000.
Loom Network has emerged as a standout, with its price increasing 150% to $0.04930, a significant recovery from earlier lows this year. However, Loom has faced controversy regarding market manipulation, which led to delisting from prominent exchanges like Binance. Consequently, most of its trading is currently occurring on smaller platforms.
The Boba Network experienced a notable price spike, reaching $0.1450 and climbing over 115% from its year’s lowest point. As a multi-chain layer-2 platform, Boba has processed over 50 million transactions. Despite this, its total value locked (TVL) has decreased markedly from prior highs, indicating challenges in the market environment.
Enjin Coin, in response to Bitcoin’s surge, rose by over 35% to a peak at $0.1022, reflecting a 72% increase from its previous lows this year, predominantly traded on major exchanges such as Binance and OKX. Aurora token prices also increased, hitting $0.1105 before adjusting back to $0.09, yet maintaining over a 75% increase from earlier in the year. Similar to Boba, Aurora’s total value locked has decreased significantly, revealing a tough market trajectory.
Other notable performers include Pocket Network, Treasure, Neiro on ETH, Bittensor (TAO), and Alchemy Pay (ACH), all contributing to the positive sentiment in the crypto market as Bitcoin continues to rally.
