Top Analyst Says Now is ‘Not the Time to Buy Altcoins’ – Updates Bitcoin Outlook

2023-10-10 16:30

According to crypto analyst Crypto Rover, now is not an ideal time to buy altcoins, with Bitcoin dominance on the rise.

In a recent Twitter thread, Rover argued that with limited retail involvement and VC investment, most altcoins lack funding sources to fuel significant gains.

He believes Bitcoin likely needs to surpass $60,000 to restart the retail FOMO cycle and spark renewed altcoin interest. Historically, Bitcoin dominance drops sharply once it breaks all-time highs.

Rover thinks this milestone could signal conditions prime for investing in altcoins again. But under current circumstances, chasing altcoin upside appears premature.

With Bitcoin dominance rising, most alternative cryptocurrencies have struggled to find buying pressure. BTC remains the least risky option for new capital entering the space.

As the market leader asserts itself, altcoins tend to underperform. Rover advises patience until market conditions flip to favor altcoin speculation again.

Many altcoin proponents await the next bull run’s “altseason” for major profits. But for now, Bitcoin price strength takes priority over risky altcoin bets.

Rover’s take exemplifies prudent caution around chasing altcoin gains before confirmation of a trend change. Savvy investors should watch BTC dominance for signs of its impending decline against altcoins.

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The post Top Analyst Says Now is ‘Not the Time to Buy Altcoins’ – Updates Bitcoin Outlook appeared first on CaptainAltcoin.

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Источник: captainaltcoin.com

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Фото:

Celsius moves altcoins to new wallets in preparation for Bitcoin and Ethereum conversion

Bankrupt crypto lender Celsius Network moved around $70 million worth of altcoins on July 5 following the recent court approval to sell them for Bitcoin (BTC) and Ethereum (ETH). Data from Arkham Intelligence showed that the lender had moved millions of altcoins and stablecoins to different wallets, including those related to crypto market maker Wintermute, […] The post Celsius moves altcoins to new wallets in preparation for Bitcoin and Ethereum conversion appeared first on CryptoSlate.

2023-7-6 23:05


Going full maxi: Tensions flare as Bitcoin expert maintains that altcoins are scams

Coder and Bitcoin maxi Jimmy Song reiterated long-held views that all altcoins are scams — renewing the debate around the inherent vulnerabilities found with centralized projects. Song goes full maxi In a tweet response to Chainstore Labs CEO Bruce Fenton, Song said altcoins are responsible for hindering Bitcoin adoption — adding that they “deserve the […] The post Going full maxi: Tensions flare as Bitcoin expert maintains that altcoins are scams appeared first on CryptoSlate.

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