Why BTC Keeps Rising While Altcoins Quiet

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2021-10-13 23:56:26

Market situation

Bitcoin rallied past $57,000 and then corrected around $56,000. However, altcoins, especially top altcoins, are falling and capital flows are focusing on BTC growth. BTC is still the first choice of investors in the market, especially large investors. As BTC grows rapidly in the short term, the capitalization tends to be more concentrated in BTC as seen before.

Over the years of investing, Thuan also holds a high share in BTC and other major coins such as ETH, BNB. To ensure the safety of the investment, capital management and allocation to safe coins like ETH will make the portfolio safer.

It can be seen that in the short term BTC has a time to go with the stock trend, but in the long term, BTC has its own direction. This is good for BTC and reinforces BTC being seen as a store of value.

According to Plan B’s prediction in June for the price of BTC. To date, this prediction has held true for the BTC price in August and September. If his prediction continues into October and the following months, the BTC trend is continuing to rise.

CHK also conducted a market cycle timing survey with friends in the community. The results show that more than 83% of participants think that BTC is in a time of skepticism, hope, optimism and belief. These are the stages in the BTC uptrend.

The current growth of BTC also causes the amount of profitable BTC in the market to increase to 95.97%. The BTC Percent Supply in Profit indicator has entered the red zone. If there is a lot of profit, we always need to reserve the BTC option that can adjust at any time.

Yesterday, the amount of BTC loaded onto the exchange showed no sign of increasing. BTC withdrawn from the exchange is still higher than the amount deposited on the exchange. The long-term investors who stay in the market have been stronger year by year.

The trend of Ethereum is similar. The amount of ETH withdrawn from the exchange is higher than the amount deposited on the exchange.

Investors as well as traders were more optimistic. Funding Rates and the number of futures orders in the market have increased.

However, compared to the equivalent price of BTC in February, the volume of futures orders is not as high. After many long squeezes, traders have also become more cautious.

In general, the current uptrend of BTC when investors are more optimistic, we also need to reserve for possible options. Take BTC’s bull season correction, for example. Reviewing the market overview as well as complying with your investment principles is very important in capital and investment management. From there, an appropriate decision can be made.

In the current BTC market, the expectation for a Bitcoin ETF to be approved in October is even higher. Bloomberg is constantly sharing information, and the possibility of a Bitcoin ETF being approved in October is very positive. More money inflows into BTC in recent days may also be partly influenced by this expectation.

Bitcoin ETF Positive Predictions

This is a prediction but it is also possible that by the end of October, there is still not a BTC ETF approved. At that time, the market may have a correction.

However, if it is approved, similar to the 2017 CME announcement of the Bitcoin Future product launch, the price of BTC could continue to rise. Let’s wait and see.

The current growth has also helped BTC’s capitalization surpass 1 trillion USD, surpassing the capitalization of Facebook and gradually approaching the cap of silver. The capitalization of BTC has also been higher than the capitalization of the three major banks in the US: JPMorgan, Bank Of America, Wells Fargo.

Even so, JPMorgan CEO Jamie Dimon has continued to attack Bitcoin over the years. Since BTC only cost a few hundred USD until now BTC has reached more than 56,000 USD. But the bank recently started offering crypto services to customers and claims BTC is a store of value.

Billionaire Bill Miller also said that Bitcoin at $43,000 is less risky than Bitcoin at $300. This may seem unreasonable, but it makes perfect sense. Because as BTC gets bigger and bigger, the network grows more and more. Everything around BTC such as community, network, platform, … has stronger and more stable development when BTC is at $43,000.

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