US-China trade deal boosts crypto market confidence temporarily.
Bitcoin leads the rally; altcoins now entering breakout phase.
Gold shows weakness, shifting investor interest toward altcoins.
The US and China have agreed on a temporary trade deal, cutting tariffs on each other’s goods for 90 days. This has given a boost to crypto markets and Bitcoin climbed over 10% and hit $106k levels before a slight reversal.
Now, with Bitcoin leading the way with its strong upward movement, and Ethereum (ETH) jumping back above $2,500, it looks like altcoins are finally waking up too. But just like Bitcoin had to deal with tough resistance levels before breaking out, altcoins are now facing a similar challenge.
The market tends to move in phases and as explained by an analyst, Bitcoin is currently heading into its third phase, where it aims for new all-time highs. Meanwhile, altcoins are entering their second phase, preparing for a big run of their own. Once Bitcoin reaches its peak and possibly cools down for a bit, that’s when altcoins usually take off in full force.
Related: Scottie Pippen is On Board the Altcoin Hype Train, Reveals His Bullish Crypto Pic…
The post Altcoin Season Nears as Bitcoin Soars & Gold Price Shows Weakness appeared first on Coin Edition.
