On Wednesday, September 1, most cryptos were up following Ethereum’s price rise since the last day of August. Meanwhile, Bitcoin continued to lose its support and fell to $46K.
An analyst stated that the underway signs of alt season are starting to climb amidst the crypto market. This was after several crypto assets recorded double-digit increases last August 31.
Ether, which is the largest altcoin, reached a 40% rally against Bitcoin and a 5% increase in the ETH/BTC pair last Tuesday.
Most analysts believe that this drove the price surge behind altcoins which rallied over 30% on the first day of September.
According to analysts’ data, the top gainers over the last 24-hours among altcoins were Metal (MTL), Rari Governance Token (RGT), and Kusama (KSM).
Aside from ETH, MTL is the top-performing crypto asset. It recorded a bullish outlook last August 27 prior to the recent price surge.
Based on the data, Metal first climbed last August 25 and continued to increase to a high of 76 last August 27. Additionally, it took 82 hours to spike its prices up to 98%.
On August 31, its heightened momentum came after an announcement that the U.S. state of Georgia’s citizens can now legally use the Metal Pay Platform.
Moreover, the Rari Governance Token started to spike and reached a high of 80 last August 29. It took around 36 hours prior to its price hike to 59% on the following day.
Likewise, Kusama (KSM) started its bullish uptrend last August 30 before the recent crypto price increase happened.
Bitcoin Continues to Drop while Most Crypto Rises
Meanwhile, as most crypto assets start to rise, the price of Bitcoin is proceeding to its fall day by day.
On the first day of September, the top crypto token decreased 0.85% to $46,759.62 with a 24-hour change of $399.37.
Currently, the world’s largest crypto has a market capitalization of $879.21 billion and a 24-hour volume of 1.11 billion.
Additionally, Bitcoin has a 24-hour low of $46,542.02 and a 24-hour high of $48,248.00.
Its price action disappointed the crypto market last weekend due to a loss of momentum at $50,000.
Now, major resistance has solidified on crypto exchanges over $51,000 and it remains in tack.
Also, most analysts said the outlook for Bitcoin is still muted until its current level turns to support.