Leading cryptocurrency Bitcoin (BTC)After rising following the latest CPI data from the US, it gave back its gains on Friday and fell 2.3% in the last 24 hours.
With the decline in BTC, the overall cryptocurrency market also fell and Ethereum (ETH) %3,4 ; Solana (SOL) While there was a 4.5% decrease XRP It rose by 3.8%.
While the altcoin market is generally dominated by red, XRP ranked first among the altcoins that experienced an increase.
Why Isn’t Bitcoin Going Up?
Bitcoin continues to move in a narrow range, the expected attack has not come yet. Because according to analysts, some investors Mt. Gox and the German governmentHe thinks that he is staying on the sidelines and not actively participating in the market due to the selling pressure from the stock market. This causes the current price to be more stagnant.
Speaking to Coindesk, Alex Kuptsikevich, senior market analyst at FxPro He evaluated the possibility of a Bitcoin and altcoin rally. The analyst noted that there was no possibility of an altcoin rally without Bitcoin rising, and said:
“Bitcoin has returned to $57,000 after a failed attempt at $60,000 on Thursday,
German authorities are actively selling previously seized Bitcoins. The volume of sales is not very large, but some potential buyers prefer to stay on the sidelines, seeing the abundance of sales.
This causes the price to be more stagnant and prevents the price from going up any further.
Altcoins will not rise until BTC reaches higher prices.
“An altcoin season can only begin when the prices of major cryptocurrencies like Bitcoin reach all-time highs and appear to some to be overvalued.”
*This is not investment advice.
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Source: https://www.bitcoinsistemi.com/bitcoin-ve-altcoinler-neden-yukselmiyor-altcoin-rallisi-ne-zaman-baslayacak-analist-acikladi/
