Why Did Bitcoin's Rise Stop? IntoTheBlock Analyst Explained!
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Bitcoin recorded a tremendous increase from $ 26,000 to $ 35,000 in October. This increase even reached up to $ 36,000.
However, BTC tried and failed to stay above $35,000 this week.
While the BTC price was generally stuck between $34,000 and $35,000 this week, Bitcoin's upward attempts were met with selling pressure and there was a decline in the BTC price.
Speaking to Coindesk, IntoTheBlock research head Lucas Outumuro commented on this decline in Bitcoin and said that investors probably took their BTC profits and turned to altcoins.
According to the analyst, investors turning to altcoins increased altcoin prices.
Pointing out that the superior performance of altcoins is a typical behavior of investors during bull markets, the analyst said that this situation usually occurs after the big rises in Bitcoin and Ethereum (ETH).
“Historically, crypto bull cycles have seen Bitcoin rise first. There has been a trend in which BTC's initial rise was followed by ETH, and then investors taking profits from BTC and ETH gradually shifted their capital to smaller altcoins.
This week's trend was similar. “It appears that this trend is starting to materialize, with BTC and ETH trending sideways, and DeFi and alternative layer 1 tokens making a strong recovery.”
Looking at the performance of some altcoins, layer 1 network tokens such as Avalanche (AVAX), Cardano (ADA) and Polkadot (DOT) have increased by 10%-15% in the slice. Besides these, Solana (SOL) has risen by 22% in the last 7 days with its tremendous rise. .
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