Bitcoin price is leveling off as altcoins take the lead

The spike in Cryptocurrencies over the last few days implies that Crypto traders have a higher appetite for risk. BTC and ether (ETH) both gained 2% in the last 24 hours, compared to PancakeSwap’s 20% increase (CAKE). However, there were some blunders, particularly in ApeCoin, the token associated with the popular Bored Ape Yacht Club (BAYC) non-fungible token (NFT) collection, which plunged as much as 80% on Thursday.

Despite periodic rallies and crashes, prominent Cryptos (those with a high market capitalization) like as BTC and ETH look to be stabilizing after a tumultuous few days.
After China’s leadership vowed support for its stock market on Wednesday, global shares are also rising, particularly in Asia. According to some observers, China’s central bank would keep interest rates low this year, keeping the economy afloat despite the surge in COVID-19 cases and geopolitical woes.

On the macro front, economists predict the US dollar to have limited upside, which might be good for bitcoin in the short run.

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In a report, MRB Partners, a worldwide financial research organization, stated, “The US dollar has appreciated since Russia began its invasion of Ukraine, which is not surprising given the greenback’s track record of strengthening in response to geopolitical events. However, this strength is usually followed by a period of consolidation.”

According to CoinDesk data, Bitcoin trading activity is still relatively low across major exchanges.

The most recent high in BTC volume was achieved on Wednesday, when the US Federal Reserve raised interest rates, causing a 5% price movement. Nonetheless, trading activity has been minimal in comparison to other volume increases, such as the late-January price drop and the start of the Russia-Ukraine war in late February.