Since the beginning of October, bitcoin has risen in price by almost a third. Is the first cryptocurrency capable of continuing its growth in the coming days and how will this affect altcoins?
This week, the bitcoin rate for the first time since mid-May exceeded $ 56 thousand. The capitalization of the main cryptocurrency increased to $ 1 trillion. Topplabs.org experts predicted whether Bitcoin will rise in price in the coming days and explained why altcoins are in no hurry to repeat the dynamics of the first cryptocurrency.
Threat from regulators
In the coming weeks, the bitcoin rate will largely depend on the information field around the regulation of digital assets in the United States, says Nikita Soshnikov, director of the Alfacash cryptocurrency exchange service. He recalled that recently it became known about the creation of a special investigation team in the US Department of Justice, which will investigate cases of money laundering using cryptocurrencies.
“Such decisions of the authorities make it clear that in the future new regulations and regulatory solutions will be developed in the United States for stricter control over cryptocurrency transactions,” the expert noted.
According to Soshnikov, after the complete ban of cryptocurrencies in China, the main focus of cryptocurrency market participants is precisely on the United States. The United States will try to seize the leadership and become the main technological hub for digital assets, the expert is sure.
If there are no loud statements next week, then the bitcoin rate will continue to fluctuate around $ 50-57 thousand, Soshnikov predicted.
Strengthening regulation on the part of the largest states can again become a factor of decline for the entire market, says the head of the analytical department of AMarkets Artem Deev.
Altcoins are next
Despite the fact that bitcoin has risen in price by almost a third since the beginning of October, this did not become a significant event for altcoins, Soshnikov is sure. In his opinion, in order for alternative coins to start growing actively, the first cryptocurrency should rise in price by another 20-30%.
“We do not see strong bullish growth yet, we see local bursts,” the expert explained.