Bitcoin has been consolidating during the past few days, with its price staying firmly above $34K. This has given some altcoins the opportunity to boom, with XRP and SOL leading the pack amid the major cryptocurrencies.
Bitcoin’s Consolidation Above $34K
Bitcoin’s price has been unable to push above $35K and, instead, has been consolidating passively at around $34.4K, where it currently trades.
Many analysts believe that the cryptocurrency is currently preparing for the next leg up and that this is consolidation under resistance – a well-known bullish trading pattern.
There has been a lot of excitement in the industry lately, mostly surrounding topics such as the potential approval of a spot Bitcoin ETF by the United States Securities and Exchange Commission. While there’s no official confirmation, industry participants are now bullish more than ever.
While Bitcoin has been consolidating, this has seemingly given the opportunity to certain altcoins to perform extremely well. This has given more merit to the notion that there might be an altcoin season (altseason) on the horizon.
As seen in the below heatmap, not all altcoins are performing well, but some of them truly are booming.
On the other hand, we also have Solana’s SOL. It’s up a whopping 7% over the past 24 hours and is now pushing for $40. It’s worth noting that SOL’s been performing extremely well throughout the entire week.