Bitcoin nearly tapped $29,000 this morning as the bull run has continued. The leading cryptocurrency is up 5% in the past 24 hours, having pushed from the $27,000 region to $28,900 in the latest leg higher.
Bitcoin currently trades for $28,750 as bulls have failed to surmount the $29,000 resistance.
Chart of BTC's price action over the past month from TradingView.com
Altcoins are underperforming during this rally higher.
Ethereum has only gained 3% in the past 24 hours, underperforming Bitcoin’s rally. This has been a large trend of the past year, with BTC strongly outperforming altcoins as it sucks the air out of the altcoin market.
This may largely be due to the composition of investors that are entering the cryptocurrency market. Where retail investors often push altcoins higher, institutional players are focusing their efforts on Bitcoin.
Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom
Bitcoin ETF Filed
This latest leg higher comes as it was revealed that digital asset-friendly exchange-traded fund firm VanEck has once 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 Brewing
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Bitcoin Nearly Taps $29,000 as Bull Run Continues