Ethereum, XRP, Solana Up Over 40% in 2 Weeks but 1 Altcoin Misses the Crypto Party

Bitcoin;s (CRYPTO: BTC) breakout above $80,000 has boosted the altcoin market, with 19 of the 20 largest liquid altcoins joining the rally, according to a Bitfinex report on Thursday.

What Drove BTC Rally?

Bitcoin has gained more than 29% from its range lows after breaking above $67,000 on Aug. 19, but Bitfinex sees $80,000 to $81,000 as a key resistance zone.

Unlike May’s rally, the latest move has been driven largely by aggressive spot demand.

U.S. spot Bitcoin ETFs posted seven straight positive sessions, including $1.92 billion in inflows from Aug. 17-21, absorbing roughly 12 times the Bitcoin mined during that period.

Institutional demand has also spread to altcoins, with Ethereum ETFs recording their strongest weekly inflows since early October and XRP ETFs their best week in three months.

Bitfinex sees $77,100 to $81,000 as Bitcoin’s near-term range.

Sustained ETF inflows and spot buying could fuel a breakout above $81,000, while a drop below $77,100 would put the rally’s durability in question.

Bitcoin’s former $73,500 cost basis resistance has meanwhile turned into potential support, with the next major breakeven levels near $86,500 and $94,000.

Which Are The Nineteen Altcoins Joining BTC Breakout