Earlier today, while Bitcoin nears $31000, its 2023 resistance level, several altcoins surged in the last 24 hours.

Bitcoin price approached $31,000 during Monday morning Asian trading session. This is the highest since mid-July and the fourth time in 2023 that it has reached this level.

Several factors have contributed to the Bitcoin price increase of late. One includes the recent surrender of the United States Securities and Exchange Commission to Ripple. The SEC dropped its charges against Ripple’s leadership and got the crypto community in celebration mode. 

Additionally, despite the resistance of the SEC to approve the spot Bitcoin ETF, the community seems hopeful. Over time, we will tell if the continuous resistance from the SEC will grow or deter the crypto community’s determination. 

Let’s see why other altcoins surged as Bitcoin nears $31,000 today.

Why These Altcoins Surged as Bitcoin Nears $31,000 Today

In the last 24 hours, these three altcoins surged drastically. Here’s why.

Chainlink’s LINK

LINK has whopped 13% over the past 24 hours to $10.43. The asset is now up 38% over the past seven days and is one of today’s top-performing altcoins.

Last week, Santiment reported on October 17 that LINK had raked up 30% in 5 weeks. According to the report, whale wallets with 100,000 to 1 million LINK tokens have accumulated aggressively in one week alone. In that week alone, whales accrued over $38.5 million worth of LINK.

Rif Technology’s RIF

Rootstock Infrastructure Framework (RIF) coin has seen bullish momentum recently. It has risen by 20% today, leaving many wondering why it is pumping and now trading at $0.1155. 

According to analyst Captain Faibik, It is surging based on a bullish technical pattern he spotted. RIF is exhibiting a breakout from a descending wedge pattern on the daily timeframe. This wedge pattern is characterized by lower peaks and troughs that converge into a wedge shape, indicating an impending reversal.

Faibik’s chart depicts that RIF has surpassed the wedge’s resistance level at approximately $0.08 and maintains an upward trajectory. Breakouts from falling wedges typically result in robust bullish movements, further bolstering the upside potential.

Following the breakout from around $0.08, RIF has already experienced a price increase, exceeding $0.10. Nevertheless, Faibik’s analysis suggests that the price could continue to surge, possibly reaching as high as $0.17. This target corresponds with enthusiasm as RIF sustains its upward momentum after breaching a significant resistance level.

Dogelon Mars’ ELON

ELON has skyrocketed by over 63% in 7 days, making the community curious about its potential. In the last week, Dogelon Mars earned a bullish rating on the InvestorsObserver Sentiment Score. 

The price increase in Dogelon Mars (ELON) can be attributed to its recent very bullish sentiment rating, as indicated by the InvestorsObserver Sentiment Score. This score is based on volume and price movement over the past five days.

The very bullish sentiment score suggests that the market sentiment and investor interest in Dogelon Mars have been notably positive in the short term. A combination of factors, such as recent positive news or the general bullish trend in the market, could drive this.

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