Bitcoin touching 30k is a good sign for alt coins
Yesterday Bitcoin slowly and steadily touched 30k once again. This is one of the greatest news for crypto investors especially people who have invested in Bitcoin. There is a high possibility that this can drag the entire market to the next bull run. I'm not saying this because BTC touched 30k but because it appears that the market is not going down and have been very stable in the last few months.
This appears like a calm before the storm. There have been many instances in the past where if BTC pumps slowly, it would be a start of a new bull run season. The price of BTC going up is also a good sign because usually people who invest in BTC or long-time holders or someone who tries to hold BTC for pride. BTC is also pegged with other cryptocurrencies or we can say that there are many exchanges that have more BTC pairs compared to other cryptocurrency pairs. This is also why we usually say that BTC has great influence over other altcoins.
End of crypto winter
I wouldn't say that this is already the end of crypto winter. I know we all wish for the end of crypto winter so that many people can start booking their profits. Some people might still want to have the crypto winter prolongated because they still have more investment to do. But this is how it is usually, when BTC starts pumping and going above a particular value, there will be a huge buying pressure from people and that would push BTC price even further eventually taking us to the end of crypto winter and the start of a new bull run.
I'm thinking there would be a slow and steady pick-up in the price of BTC but maybe 2024 can be a great year for the start of the bull run. The start of last year was very good and many altcoins were having parties. But this year from the beginning things have been very slow. It is hard to predict how the market would keep going. We all wish it should gradually pick up but most of it is also dependent on the price of BTC. Some of my friends have been buying BTC heavily expecting it to break 60k soon to book their profits. I have been doing that with Hive.
Altcoins would pick up
Usually, when there is an increase in the price of BTC, the altcoins would start going up only after a few days or even after a week or month. The first sign is that BTC would go up and stay stable for a while and after that Altcoins would start gaining speed and going up slowly and gradually. In this attempt, the coins that are in pair with BTC would first start seeing a pump in the price. Many people would start buying more or selling more to follow up with the market trend. After that happens the other altcoins would start picking up.
It may not be very helpful if the existing investors are doing the trading game. We will need more new players from the real world who would be interested to understand these blockchain concepts and enter the ecosystem with a heavy investment. It shouldn't be like a pump and dump but rather a genuine buy from very big players across the world.
The altcoin pump can happen very soon and usually people wait for Bitcoin to increase a bit and then invest in altcoins because, within a few days, altcoins would show a small sign of an increase in price. Altcoins are already looking good right now. They have grown at least by 1%. Hive is up by 2 cents already. Hopefully a few more cents in the coming days.
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