Bitcoin tipped in close to USD 29,000 this morning as the bull run continued. The leading cryptocurrency is up 5% in the last 24 hours after moving from the $ 27,000 region to $ 28,900 in the final leg.
Bitcoin is currently trading at USD 28,750 as bulls failed to overcome the USD 29,000 resistance.
Chart of BTC's price action over the past month from TradingView.com
Altcoins are underperforming during this rise.
Ethereum is up just 3% in the past 24 hours, underperforming Bitcoin’s rally. This has been a big trend of the past year, with BTC strongly outperforming altcoins as it out of the blue altcoin market.
This could be largely due to the makeup of investors entering the cryptocurrency market. While private investors often push altcoins higher, institutional players focus their efforts on Bitcoin.
Related reading: This is why Ethereum’s DeFi market can be near a bottom
Bitcoin ETF submitted
This latest step up comes when it was revealed that digital asset-friendly, publicly traded fund company VanEck has again filed for a Bitcoin ETF with the Securities and Exchange Commission.
Related reading: 3 Bitcoin On-Chain Trends Show A Macro Bull Market Is Growing
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Bitcoin Nearly Taps $29,000 as Bull Run Continues