Cryptocurrency exchange Bitfinex recently released a report stating that when the cryptocurrency market plummeted last week, the Altcoin market showed resilience, with Bitcoin’s market capitalization falling by 1.3%. However, at the same time, all other cryptocurrencies (excluding the top 10 by market capitalization) currency) market capitalization share increased by 4.4%:
The change hints at a potential shift in the game in which investors are seeking value in Altcoin, a departure from the typical pattern of investors flocking to buy Bitcoin during downturns.
However, Bitfinex mentioned that the size of open interest in Altcoin has also fallen by 55% from its historical high, indicating the indifference of speculators and the potential fatigue of sellers. As an indicator signal of the Altcoin market, the ETH/BTC exchange rate is still lower than the 365-day The simple moving average (SMA) reflects the overall poor performance of Ethereum since the Ethereum merger.
Regarding the future direction, Bitfinex believes that if Bitcoin’s market capitalization ratio has indeed reached a local high, we may see a period of Altcoin outperforming Bitcoin within a few months, and if macroeconomic pressures ease, this may Setting the stage for a bullish Q4.
Investors bullish on Bitcoin by 6 figures
At the same time, although Trump has made it clear that he supports cryptocurrency and He Jinli has a vague attitude, according to CNBC, no matter who wins the election, investors in the cryptocurrency industry generally believe that Bitcoin will prosper in the long term and is expected to soon exceed 6 digit price.
Steven Lubka, head of private clients and family offices at Swan Bitcoin, said that no matter who wins the November election, Bitcoin prices will almost certainly reach six figures. Bitcoin has always been an investment based on the fiscal and monetary conditions of countries, sovereign states and the United States. , the two unification candidates have not changed this.
James Davies, co-founder of Crypto Valley Exchange, said that concerns that Harris being elected as President will somehow limit or depress the price of Bitcoin are exaggerated. New entrepreneurs in the crypto may face more challenges, but the industry will continue to thrive. With the launch of Bitcoin spot ETF, Bitcoin needs to be more institutionalized than ever:
Some in our community are convinced that the sky will fall if one side or the other wins, but the reality is that markets are robust, not U.S.-centric, and will not react negatively to major events on either side.
However, some analysts hold a different stance. Bernstein predicted earlier this week that whoever wins the election will have a major impact: If Trump is elected, Bitcoin may break through a new high of $80,000, while Harris’ election may cause Bitcoin to fall back to $40,000. .
