U.S. Markets closed

Sluggish Bitcoin Price Creates Bullish Opportunities for Wider Crypto Market: Trader

Joseph Young
Bitcoin's stagnancy has opened the door for alternative cryptocurrencies like Litecoin to shine. | Source: Shutterstock

In the past 24 hours, the Bitcoin price has remained stable above the $4,020 mark, unable to break out above a key resistance level at $4,200. Meanwhile, a handful of crypto assets and tokens recorded gains in the range of 5 to 30 percent.

bitcoin price

The Bitcoin price continues to range-trade around the $4,000 mark. | Source: CoinMarketCap

Polymath, the best performing crypto asset on the day, recorded a 31 percent gain against the U.S. dollar, with most of the volume coming from Upbit, a major cryptocurrency exchange in South Korea.

As seen in the chart of Polymath below, most alternative cryptocurrencies and tokens remain down about 90 percent down from their all-time highs and are not near towards entering a proper accumulation phase.

polymath cryptocurrency price

Polymath, which declined 90 percent from its all-time high, is now trending back up. | Source: CoinMarketCap

But, if Bitcoin continues to show a sideways price movement in the foreseeable future above the critical $4,000 mark, some traders see crypto tokens continuing to demonstrate substantial gains.

Will Crypto Assets Outperform Bitcoin in the Coming Weeks?

In recent months, several cryptocurrencies in the likes of Cardano, Litecoin, and Binance Coin, along with small tokens, have outperformed Bitcoin by large margins.

Read the full story on CCN.com.