Prices of Altcoins Experienced Surged Following Bitcoin’s Price Breakout

No matter how big a cryptocurrency may get or become, it will always have received its support from Bitcoin (BTC) one way or another. For many years, Bitcoin (BTC) has been one of the reasons why the rest of the cryptocurrencies have made a lot of success.

Just like other times, Bitcoin (BTC) has again achieved the same for the entire cryptocurrency industry by turning bullish again. According to the recent price analysis, Bitcoin (BTC) has managed to cross the $32k per BTC barrier for good. This time again, the bullish run of Bitcoin (BTC) has again brought back optimism for the entire cryptocurrency industry.

According to the on-chain analysis reports, Bitcoin (BTC) started showing an upward trend starting from January 28, 2021. At present, many on-chain data collecting and analyzing firms are involved and closely monitoring the situation of Bitcoin (BTC).

The data collected from the recent transactions shows that Bitcoin (BTC) has started showing a positive and gradual improvement with respect to its price. Ever since Bitcoin (BTC) hit the $31k per BTC benchmark, Bitcoin (BTC) has been showing steady growth with respect to its price.

Until January 28, 2021, Bitcoin (BTC) experienced an increase in its price, growing from $31,000 to $33,400, which is a total 9.5% increase.

By showing a gradual growth and promising future, Bitcoin (BTC) surely proves that the entire cryptocurrency industry could be trusted. This is the reason why the entire cryptocurrency industry, in general, has experienced a surge with respect to their prices.

Among all of the altcoins that have gained significant growth and surge in their price, the most prominent currency has been Dogecoin (DOGE). Since yesterday, Dogecoin (DOGE) has experienced a more than 200% percent increase in its price.

The main reason behind the success and price surge for the meme coin (DOGE) is because of the army of Reddit users. The Reddit army has been gaining a lot of popularity and prominence in the cryptocurrency industry as they are behind the price surge of many crypto-assets so far.

According to reports, the Reddit army consists of more than 3 million Reddit users that have helped spike the prices of many assets since the beginning of the week.

One of the recent coins supported by the Reddit army is Dogecoin that comes after BlackBerry (BBY), AMC Theatres (AMC), and GameStop (GME).

The process of surging Dogecoin’s price began from a single tweet that was made by a user in the early morning hours of the 28th of January. The name of the user that commented on Twitter and talked about Dogecoin was “WSB Chairman”.

Right after that, the Dogecoin also started getting discussed on the Wall Street Bets telegram, where the users talked about pushing its prices to $1 per token.