Bitcoin price doubts while some altcoins reach new records
Bitcoin (BTC) reached a peak of over $52k per coin earlier this month. However, just after that, it decreased by over 17%. It hasn’t recovered the first mark yet. The bitcoin price seems now inside the neutral ground, doubting between $45k and $48k. Meanwhile, altcoins like Avalanche (AVAX) and Cosmos (ATOM) hit new all-time highs (ATH), and the dog-like coins are more and more trending.
We can remark that the last BTC crash occurred just after it officially adopted the status of legal tender in El Salvador (September 7). This is maybe because not all the citizens are satisfied with this measure. To date, there are some protests against president Nayib Bukele and the Bitcoin adoption in the country.
The protesters seem to think Bitcoin will work for corruption and all their money will vanish due to the high volatility in cryptocurrencies. Nevertheless, we must remember that the Bitcoin blockchain is public and transparent (not anonymous), and the high volatility can make it a great investment (or can be eliminated with stablecoins).
Beyond these events, in China, another region banned Bitcoin mining and trading: Hebei. This didn’t disturb the market a lot, though. According to the Crypto Fear and Greed Index, the general sentiment towards cryptos is currently neutral. Besides, as Glassnode described, around $1.2 billion went out from cryptocurrency exchanges recently. This means that the bigger holders are still resisting and the price could recover soon.
Bullish altcoins: AVAX, ATOM, and dogs
The native AVAX from the smart contract platform Avalanche hit a new ATH with over $70 per coin (+150% in the last month). That was probably because of a recent $230 million investment round, led by crypto funds Polychain and Three Arrows Capital. Besides, several DeFi platforms are using this blockchain now, since they integrated compatibility with Ethereum-like platforms.
For its part, Cosmos (ATOM), another smart contract blockchain, hit its own ATH: $38.7 per coin, with an increase of over 100% in the last month [CoinMarketCap]. Curiously enough, the reason behind this increase could be similar to Avalanche. Earlier this year, the functionality dubbed Inter-Blockchain Communications Protocol (IBC) was launched in this platform to make a bridge with the others. The use of it has boomed during the last 30 days.
Finally, we can talk about some dog-like altcoins. Elon Musk, famous for his tweets about Dogecoin, recently welcomed home a literal Shiba Inu named “Floki”. The crypto world didn’t lose the chance, and the newborn token Shiba Floki (FLOKI) increased by over 1,000%, while there are, at least, other four tokens named after “Floki”.
Dogecoin (DOGE) didn’t join the bullish trend, still on $0.2 per token. Shiba Inu (SHIBA) did it more moderately, with a monthly increase of over 16% per coin ($0.0000094). Several exchanges have been listing this memecoin as well, which may be attracting more investors.
Featured Image by Csaba Nagy / Pixabay
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Originally published at https://blog.alfa.cash/