The recent surge in the crypto market isn’t just limited to bitcoin; other altcoins like Pyth (PYTH) and Theta (THETA) have also experienced significant price increases.
This bullish trend is remarkable, especially as bitcoin approaches all-time highs, potentially reaching them before the halving in April. The success of bitcoin is positively impacting the altcoin market, with several altcoins outperforming the leading cryptocurrency.
Pyth’s price surged dramatically on Monday, breaking out of a long-term triangle formation. Although it briefly retraced back into the triangle, Monday’s breakout was confirmed early on Tuesday, propelling the price higher. While it reached $0.84, it has since pulled back to around $0.72. Given its recent launch in November, Pyth is still in price discovery mode, leaving room for speculation about its potential future highs.
In contrast, Theta is a more established cryptocurrency, having weathered the previous bull market cycle. After reaching a peak of $15.90, it experienced a significant decline to a low of $0.50 during the bear market. However, Theta recently started a new upward trajectory earlier this month. Although it’s far from its 2021 all-time high, Theta has shown promising growth, encountering resistance at $2.20. With gains of 30% on Monday and 28% on Tuesday, Theta is currently trading at $2.18, aiming to surpass resistance levels at $2.28, $2.40, and $2.64.
