The post Crypto Market Analysis : Bitcoin Price Bounce Back; What Can We Expect from Altcoins This Week? appeared first on Coinpedia Fintech News
In response to a wild day in the crypto world, well-known analyst Crypto Capital Venture shared his thoughts with the community. While Bitcoin hogged the spotlight, other digital currencies, known as altcoins, took a hit, making things even bumpier for their holders. Feeling the impact himself, the analyst felt it was essential to take a step back and make sense of it all.
Before diving into the charts, he told everyone to stay strong in tough times. Then, he got into the nitty-gritty of what was happening in the crypto market. Bitcoin seemed pretty stable compared to the chaos in altcoins. But there was something unusual going on with Bitcoin this time.
Normally, before its halving event, Bitcoin doesn’t hit all-time highs. But this time, it did, suggesting some unique factors at play, like big investors getting into the game and a limited supply of Bitcoin.
As for altcoins like Ethereum, Cardano, Chainlink, and Solana, the analyst said their performance was kinda like a rollercoaster. He explained how, historically, altcoins tend to shine after Bitcoin’s halving, not before. So, expecting them to skyrocket right now might be jumping the gun a bit.
Then, he focused on Solana, a rising star in the crypto world. Some folks thought Solana’s success meant the end for older altcoins, but the analyst disagreed. He pointed out how, in the past, Chainlink had a similar moment of glory without overshadowing other altcoins like Ethereum and Cardano.
“Here’s the bear market low of 2018, and if we look at that low during bitcoin halving, Ethereum was up around 150%. Cardano was also up around 150%. So, the move that’s happening now, you can notice how altcoins were at this time, last cycle of Bitcoin halving,” he said.
