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Bitcoin Triangle Expands as Altcoin Market Experiences Significant Growth

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“The rise of Bitcoin Triangle and the exponential growth of altcoins reflect the dynamic nature of the cryptocurrency market, offering both seasoned investors and curious newcomers an exciting opportunity to explore the future of decentralized finance.”

The value of bitcoin has remained steady over the past 24 hours, staying at $34.3K within its recent consolidation range. This stability has sparked interest from altcoin buyers, leading to a 0.6% increase in the overall market capitalization. On the daily chart, bitcoin is forming a triangle pattern, which typically ends with an upward breakout. Confirmation of this breakout would require a move above $35K.

Following bitcoin’s lead, Ethereum has also broken out above its 200-week moving average after a period of being below it. This breakout has signaled the end of a shorter-term downtrend and confirmed a long-term uptrend. The upper boundary for Ethereum is now around $2400, and the bulls are likely targeting this level.

In terms of fund investments, CoinShares reported that crypto fund investments increased by $326 million last week, marking the fifth consecutive week of inflows. Bitcoin investments saw a rise of $296 million, while Ethereum investments fell by $6 million. Investment in Solana, on the other hand, increased by $24 million.

In other news, the difficulty of mining Bitcoin has reached an all-time high, increasing by 2.34% and reaching a new record of 62.46T. The average Bitcoin network hash rate at this difficulty level is expected to be 449.68 EH/s, also a record. Investment firm VanEck has filed an updated application with the SEC to launch a spot bitcoin ETF, after having similar applications rejected three times before. VanEck also predicts that the Solana blockchain will be the first network to reach 100 million users, with its SOL coin potentially reaching a value of $3211 by 2030.

On the regulatory front, JPMorgan expects the SEC to approve several applications for spot bitcoin ETFs within the next two months. The UN has highlighted the correlation between the Bitcoin price and the network’s energy consumption, noting a 140% increase in energy usage during the 400% price increase of Bitcoin in 2020-2021. Lastly, Bitrace has identified three common methods used by cybercriminals to steal bitcoins: fake applications, clipboard address spoofing, and liquidity fraud.

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