Since the beginning of October, bitcoin has risen in price by almost a third. Is the first cryptocurrency capable of continuing to grow in the coming days and how will this affect altcoins
This week, the bitcoin exchange rate exceeded $56 thousand for the first time since mid-May. The capitalization of the main cryptocurrency has increased to $ 1 trillion. Experts of RBC-Crypto predicted whether bitcoin will rise in price in the coming days and explained why altcoins are in no hurry to repeat the dynamics of the first cryptocurrency.
Threat from regulators
In the coming weeks, the bitcoin exchange rate will largely depend on the information field around the regulation of digital assets in the United States, says Nikita Soshnikov, director of the Alfacash cryptocurrency exchange service. He recalled that recently it became known about the creation of a special investigative group in the US Department of Justice, which will investigate cases of money laundering using cryptocurrencies.
“Such decisions of the authorities make it clear that in the future new regulations and regulatory solutions will be developed in the United States for stricter control over cryptocurrency transactions,” the expert noted.
According to Soshnikov, after the complete ban of cryptocurrencies in China, the main focus of the participants of the crypto market is on the United States. The United States will try to seize the leadership and become the main technology hub for digital assets, the expert is sure.
If there are no loud statements next week, the bitcoin exchange rate will continue to fluctuate around $ 50-57 thousand, predicted Soshnikov.
Increased regulation by the largest states may again become a factor of decline for the entire market, says Artem Deev, head of the analytical department of AMarkets.
Altcoins are next in line
Despite the fact that bitcoin has risen in price by almost a third since the beginning of October, this has not become a significant event for altcoins, Soshnikov is sure. In his opinion, in order for alternative coins to start actively growing, the first cryptocurrency should rise in price by another 20-30%.
“We don’t see strong bullish growth yet, we see local spikes,” the expert explained.