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Altcoins Gain Traction as Bitcoin Consolidates Below $35k, Attracting Crypto Traders

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As Bitcoin momentarily pauses below the $35k mark, crypto traders seize the opportunity to explore the vibrant world of altcoins, injecting new energy and excitement into the market.

Cryptocurrency prices were on the rise on Monday as Bitcoin’s recent gains encouraged traders to re-enter the altcoin market. Analysts predict that this will be the largest bull market in the history of crypto. Meanwhile, stocks rebounded from last week’s declines, with the S&P, Dow, and Nasdaq all finishing in the green.

Bitcoin’s price traded in a range between $34,085 and $34,872 on Monday, with both bulls and bears showing equal strength. Technical analysis suggests that Bitcoin has a solid near-term advantage and is likely to experience an upside price breakout soon.

David Lifchitz, managing partner and chief investment officer at ExoAlpha, believes that Bitcoin could reach $45,000 by the end of the year. However, he also noted some bearish factors, such as regulatory pressure on Binance and the unraveling of the worldwide economy.

Traders have started to rotate into altcoins, with many tokens in the top 200 recording gains on Monday. Polymesh, Tellor, and Osmosis were among the top gainers, while Gala, Galxe, and Render experienced losses.

It’s important to note that the views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. Readers should do their own research and exercise caution when making financial decisions.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided, but neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes and is not a solicitation to make any exchange in commodities, securities, or other financial instruments. Kitco Metals Inc. and the author do not accept responsibility for any losses or damages arising from the use of this publication.

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