After Bitcoin reached a new all-time high above $ 67,000, some altcoins have risen significantly. For example, the price of Ethereum for the first time in history exceeded $ 4.37 thousand. Experts from RBC-Crypto explained in which case the growth of alternative coins will continue and whether we should expect a new season of altcoins.
The growth of most altcoins at the end of the week does not exceed the momentum of bitcoin, said Nikita Zuborev, senior analyst at Bestchange.ru. In his opinion, this fits into the standard growth model. Until a serious stagnation of the first cryptocurrency begins, it is not worth talking about the rapid growth of altcoins, the expert says.
“At the moment, everything says the opposite, the share of bitcoin continues to grow over the last month, so there are no prerequisites for a more intensive growth of altcoins,” Zuborev explained.
The analyst advised everyone who expects the growth of altcoins to follow the current market trend. If the bulls reduce their influence on quotes and the first cryptocurrency stays in the zone up to $ 70 thousand, then we should expect a cycle of capital distribution from bitcoin to altcoins with a subsequent increase in their price, Zuborev summed up.
After updating the historical maximum with bitcoin, altcoins will follow the main cryptocurrency in the general trend, the head of the analytical department of AMarkets Artem Deev is sure. He also agreed with the opinion of JPMorgan analysts, who said that the rise in the price of bitcoin to $ 67 thousand was caused not so much by the launch of the first bitcoin ETF in the United States, but by the rise in inflation.
“Investors are trying to save savings against the backdrop of growing global inflation, shifting into instruments with higher yields, even despite the risks,” the analyst explained.
Cryptocurrencies will see strong growth as the inflationary spiral around the world grows, Deev said.
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