What to expect from Bitcoin and major altcoins?

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On January 21, the bitcoin rate fell by 10% compared to yesterday, falling below $38 thousand at the moment. As of 20:50 Moscow time, the first cryptocurrency is trading at $38.4 thousand. after its rate exceeded $43.5 thousand. The cryptocurrency has updated at least since August 5, 2021. RBC-Crypto experts gave a forecast for Bitcoin and five popular altcoins for the near future.

Bitcoin

At the moment, bitcoin is completely dependent and focuses on the US stock market, says Andrey Podolyan, CEO of Cryptorg. In his opinion, the US stock market hung over the abyss and could collapse in the near future. If this happens, then Bitcoin, like other cryptocurrencies, will face a powerful wave of decline, the expert predicted. He also added that the collapse will not be able to prevent any positive that can occur in the crypto market. To start the recovery, bitcoin needs to gain a foothold above $40,000, Podolyan argues.

Yesterday’s decline in the cryptocurrency market could have begun after the decline in the S&P 500 index, which, following the results of the trading session, fell by 1%. Earlier, the analytical company Arcane Research reported that the correlation between the Bitcoin exchange rate and the S&P 500 index reached a record high since October 2020.

Ethereum

Since the dynamics of Ethereum depends on Bitcoin, the altcoin is now in a similar situation, Podolyan warned. He recalled that the cryptocurrency has been declining following bitcoin for the past three months, so it will continue to fall in the event of another collapse of bitcoin.

On January 21, Ethereum is trading at $2.7 thousand. Over the past day, the altcoin has fallen in price by 14%, and its capitalization has decreased to $332 billion, according to CoinGecko. In November 2021, the cryptocurrency updated its high above $4.8 thousand. Since then, its value has fallen by 42%.

Binance Coin and Cardano

Binance Coin and Cardano are obviously among the tokens to keep in a portfolio, as they are able to show good growth in the second quarter of 2022, said Victor Pershikov, lead analyst at 8848 Invest. According to him, both tokens have fundamental support from both development teams and users.

“The Cardano platform is committed to the implementation of the roadmap and is systematically moving towards solving centralization issues, and the Binance exchange has been able to compete with other exchanges,” the analyst said.

Pershikov also reminded that in the near future Binance may publish data on record profits for 2021, which will be a positive event for investors and will force the BNB rate to react with growth.

In the current situation, the dynamics of both assets is subject to decline against the backdrop of a fall in the market capitalization as a whole, however, Binance Coin and Cardano can overtake Bitcoin in terms of profitability at the end of the year, Pershikov predicted. In his opinion, the current levels of altcoins are optimal for medium-term purchases with the expectation of growth until the end of the year.

On January 21, Binance Coin price is $419 and Cardano is trading at $1.20. Over the past day, altcoins have fallen in price by 11% and 14%, respectively. Binance Coin’s capitalization has fallen to $69.9 billion, while Cardano’s market valuation has fallen to $38.2 billion, according to CoinGecko.

Binance Coin is the token of the Binance crypto exchange, which is used to pay trading fees, as well as for exchange offers (IEO) on the Binance Launchpad.

Cardano is a Proof-of-Stake (PoS) blockchain designed to develop smart contracts and create full-fledged decentralized applications.

Solana и XRP

In the current situation, it is likely that the Solana token rate will continue to decline, says Nikita Zuborev, senior analyst at Bestchange.ru. According to him, this will happen if bitcoin continues to be in a downtrend. If the first cryptocurrency manages to return to growth, then the price of Solana is able to reach $250-300 (growth by 112-154% from current levels).

“SOL has not yet reached real strength, therefore it is completely dependent on the general market trend and is not yet able to go against the trend,” Zuborev said.

A completely different situation is observed with the Ripple token – XRP, the analyst claims. According to him, the reputation of the altcoin is damaged, and the development prospects are very doubtful. In the event of a positive decision in court against the SEC, a short-term uptrend is possible on the XRP chart, Zuborev admitted. but in the long term there are no growth drivers for this project, the analyst added.

At the moment, a high-profile lawsuit continues in the United States over Ripple, which the Securities and Exchange Commission (SEC) at the end of 2020 accused of illegally selling $ 1.3 billion in unregistered securities under the guise of XRP tokens.

On January 21, Solana is priced at $118 and XRP is trading at $0.67. Over the past day, altcoins have fallen in price by 16% and 10%, respectively. Solana’s capitalization has fallen to $37.2 billion, while Cardano’s market valuation has fallen to $32.3 billion, according to CoinGecko.

Solana is considered an emerging competitor to Ethereum. Vitalik Buterin’s cryptocurrency is the leader among blockchains with smart contracts, however, its network is often overloaded, which leads to increased fees for transfers. At the same time, Solana offers faster and cheaper transactions.

XRP is Ripple’s token, which is used in the cross-border transfer system.

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