Buying altcoins should be postponed until better times. This opinion from 500 thousand subscribers shared blogger Crypto Rover, popular in the crypto community.
In his opinion, investors have several reasons to refuse to buy altcoins now. Among them, he identified three main ones:
- Against the backdrop of falling market volumes, altcoins are not receiving enough investment to demonstrate positive dynamics.
- The number of private investors who invest in altcoins has also decreased. Those market participants who have capital left, according to the crypto blogger, are now showing more interest in Bitcoin.
- Now all attention is focused on BTC. One of the reasons is the anticipation of the launch of a spot Bitcoin ETF in the United States. Let us remind you that earlier there were reports online that the head of the US Securities and Exchange Commission (SEC) Gary Gensler was ready to approve the tool. Its launch, according to members of the crypto community, can trigger the active growth of Bitcoin.
According to the blogger’s observations, market participants’ interest in altcoins is restored after Bitcoin updated its absolute maximum value. Let us remind you that the last peak of BTC was recorded on November 10, 2021, near $69 thousand. An even earlier maximum of about $20 thousand was dated December 2017. After updating the price peak, the level of BTC dominance began to decline. The changes indicate a shift in investor interest from Bitcoin to altcoins.
Changes in the level of Bitcoin dominance. Source: CoinMarketCap
Source: Cryptocurrency
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