U.Today - The broader digital currency ecosystem is still reeling from the latest price action of Bitcoin (BTC) and some of the altcoins in the top 10. Reacting to recent events, BTC advocate Samson Mow has spotlighted the "God Candle" on the Bitcoin chart. He accompanied the post on X with an "Omega" icon, with watchful eyes on the trend.

Bitcoin Omega Candle: More to come

In the past few weeks, when the price of Bitcoin traded in a consolidation channel below $98,000 before breaking out, Mow has always maintained his stance that the coin was undervalued. As reported earlier by U.Today, the Bitcoin price has now broken out, hitting a new all-time high (ATH) of $109,114.88.

The Bitcoin price jumped to that ATH from a low of $99,471.36 in 24 hours amid a 5% rally. Drawing on Samson Mow’s past thesis, this is just the tip of the iceberg for the flagship digital currency. His earlier forecasts tip the cryptocurrency to jump as high as $500,000 in the short term by up to $1 million in the long run.

His convictions about Bitcoin have triggered his ongoing campaign to onboard nation-states into the Bitcoin ecosystem.

BTC-Ripple effect on altcoins

As the broader digital currency ecosystem placed its focus on Bitcoin, many altcoins also outperformed in the past week. Top on this list is XRP , whose price breached a seven-year high when it soared to a new high of $3.38.

Solana (SOL) also outperformed the general market as a new wave of meme coins stormed its ecosystem over the weekend. The hype around these new token launches has pushed the coin's price to a new ATH of $294.33.

The industry is advancing its bull cycle at a remarkable pace. While not all coins have reclaimed their ATHs, the dividends of the Bitcoin rally are largely being felt across the board.

This article was originally published on U.Today