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Saturday, February 4, 2023

Altcoins Could Be Ruling With Stagnating Bitcoin

The volatility of Bitcoin remained pretty subdued in the final few days of the year, which indicated that the investors seemed to be in no hurry to step into the markets. The cryptocurrency did end the previous year at a sum of $16,500- and on the first day of the new year also failed to launch the markets.

This does bring in a suggestion that the traders might remain cautious when it comes to Bitcoin, and could be looking at other catalysts like altcoin in order to start the next trending move. Incidentally, several analysts have continued to remain bearish about the near-time price action of the cryptocurrency.

Altcoins Could Be Making A Comeback

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The CEO and founder of Lightspark- the Bitcoin firm, David Marcus, stated in a 30th December blog post that he did not see the crypto winter coming to an end in 2023 and not even in 2024. He also expects that it might take some time to rebuild consumer trust but also believes that the current reset could be good for legitimate firms over the long term.

Now, with Bitcoin remaining bound to a particular range, there are a few altcoins that could be slowly picking up strength. One of the altcoins would be Litecoin– now while there are several major cryptocurrencies that are still struggling for a bottom, this cryptocurrency is way above its previous June low. This does indicate strong demand at lower levels of cryptocurrency.

One of the altcoins that could be making merry during this period was ApeCoin- which had been trading inside a large range between a price of $3 and $7.80 for the last few months. The moving averages have actually flattened out to a great degree, and the RSI is still near the midpoint- which indicates that the selling pressure could be on the verge of reducing.

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