On Monday, the first cryptocurrency rose in price by 4%, its rate exceeded $ 57.7 thousand. At the same time, other coins are lagging behind in terms of profitability. Experts explained the reason for the increase in the share of bitcoin in the market and predicted the imminent start of the altseason
On October 11, the bitcoin rate on the Binance crypto exchange updated its maximum since mid-May at $ 57.7 thousand. Over the past day, the first cryptocurrency has risen in price by 4%. It continues to grow since September 29, when a local minimum of $ 40.7 thousand was set. Since then, the value of the asset has risen by almost 40%.
The rise in the price of bitcoin is accompanied by an increase in its market share. For example, if in mid-September it was about 40%, then by the current moment it has reached 45.9%, according to Coinmarketcap. At the same time, Ethereum's share fell from 20% to 18%.
Over the past week, Bitcoin has surpassed the largest altcoins in terms of profitability. The first cryptocurrency gained 19%, while Ethereum – by 5%, the price of Cardano has not changed, Binance Coin has fallen in price by 2%, XRP has risen in price by 10%, and Solana has fallen in price by 14%.
During the period of active growth of bitcoin, altcoins always show weaker dynamics, since the attention of large players is focused on BTC, explained Andrey Podolyan, CEO of the Cryptorg platform. According to him, for altcoins, the ideal moment for growth is flat or a slow decline.
“If in the coming weeks bitcoin flattens or grows smoothly, this may have a beneficial effect on altcoins,” Podolyan warned.
The determining factor for the growth of altcoins will be the increase in the price of bitcoin and the general news background in the market, added Maria Stankevich, Development Director of the EXMO crypto exchange. The fact that the price of bitcoin is approaching a historical maximum indicates the growth potential and the beginning of the altcoin season, the expert is sure.
According to Stankevich, despite the dominance of bitcoin, a number of altcoins, as a percentage of their current value, will demonstrate much greater growth dynamics than bitcoin. Regarding the reasons for the rise in price of the cryptocurrency, the specialist called the hearings of the US Congress, at which the infrastructure plan of President Joe Biden for $ 1 trillion was rejected.
Bitcoin is growing in price on reduced trading volumes, said Vladimir Smetanin, CEO of the Swiss financial company Newcent. He explained that such a move is called divergence and often occurs before correcting and testing lower levels.
Vitaly Kirpichev, Development Director of TradingView in Russia, also announced a possible correction in the market. According to him, the current lag of altcoins in dynamics from the main cryptocurrency may be due to the fact that they are "waiting" for a denouement.
“If we see an update of historical highs for bitcoin, the rest of the cryptocurrencies can make significant leaps up after him. In case of a different development of events, the chances for the next season of altcoins are small, ”Kirpichev warned.