Bitcoin has practically recovered to the level it was at before the crash in May this year. Then the cost of military-technical cooperation decreased by almost a third and reached $ 30 thousand.
In the last month alone, the main cryptocurrency has added almost 70% of its value. Experts started talking about a new all-time high that bitcoin will conquer shortly. True, the large-scale growth was accompanied by two short-term drawdowns. At the beginning of this week, the rate again went down for 50 thousand dollars, but then quickly turned down. The BTC correction has returned bitcoin to a narrow corridor.
Should we expect further growth in cryptocurrency? So far, a narrow zone of resistance has emerged - the mark of 48 thousand dollars. It is quite stable, and players may well be guided by it.
News urges to buy
In July, market participants could expect to make money only on short-term trading in the MTC. By this time, the cryptocurrency market was rapidly sliding down due to the great fatigue of traders, and the Chinese mining farms stopped one by one.
The only hope for the revival of bitcoin was the stable offer of exchanging BTC for fiat at a rate of more than $ 29,000. The August hard fork of London returned interest to the cryptocurrency market. And although the last event only affected Ethereum, the growth in the rate of cryptocurrency # 2 fell on the time of the growth of bitcoin.
In July, the value of the main cryptocurrency rose rapidly, but today the pump has slowed down. This happened despite the news background, which looks favorable for the market. There are several news in favor of the increase in the price of military-technical cooperation:
- MicroStrategy invested an additional $ 177 million in bitcoin, bringing the total investment to nearly $ 3 billion;
- financial giant Citigroup announced the start of Bitcoin trading on the Chicago Mercantile Exchange;
- the amount of computing power (hash rate) of the MTC has tripled.
However, this positive news may be just tools for popularizing cryptocurrency. It is unknown how long-term their effect will be. Perhaps he simply promotes buying (pump) or postpones the reversal of the MTC rate to a later date.
Many market experts recommend that participants sell bitcoin in small amounts, which will keep the profit of the last time. They predict a correction of the cryptocurrency to the level of 45 and sometimes 40 thousand dollars. It will probably happen in the fall.
Exchange for altcoins - the best solution to the issue?
It's not just bitcoin that has risen in price in recent months. Altcoins also showed growth. So, for example, since the end of June, the Terra token has risen in price by 3.2 times, and the Cardano rate has generally approached its all-time high - $ 2.9.
Naturally, the rise in the price of altcoins by 30-200% per day reduced the desire of traders to get involved with bitcoin. The logic here is obvious: the MTC, with its astronomical course, is unlikely to seriously add until the end of this year, but a significant increase in altcoins is very likely. This trend can be evidenced by the updating of the top part of the token list. It got C98, Alice, Mask, Avax.
A correction in the rate of the listed altcoins likely awaits us - as soon as the value of MTC drops to at least 46 thousand dollars, they will also go down. But this is hardly a reason for the final exit from cryptocurrencies. After all, the ratings are not limited to the top list. It is already possible to predict the progress of cryptocurrencies created using the Proof-of-Stake protocol. You just need to wait for the next hard fork and act promptly.