Bitcoin has made a huge comeback recently. The cryptocurrency rallied on Wednesday to surpass $55,000 and hit its highest level since mid-May. cryptocoin.com As we reported, regulatory fears eased this week after both US Treasury Secretary Janet Yellen and SEC chair Gary Gensler said they have no plans to impose restrictions on Bitcoin and altcoin trading.
Blue Line Capital head highlights two altcoin projects
Bill Baruch, head of Blue Line Capital, announced a plan to strengthen his position in Bitcoin as its price plummeted over the summer. He reinvested at $32,000 and plans to add to it if it drops to $20,000. In a statement he gave, Baruch said that BTC did not reach these levels, although he could not take a full position in the end, he was doing more crypto research in this area and trying to find where else he could invest his money.
As a result, the two cryptocurrencies that Baruch found behind as alternatives to Bitcoin were Solana and Algorand. Baruch says Algorand looks constructive on the charts, saying that as long as it is above $1.50, it looks like a buying opportunity. ALGO is changing hands at $1.84 at the time of writing. Baruch says the following about these 2 coins:
Actually Solana is my highest investment right now, I invested SOL at a good time and the coin has risen quite sharply. I think it can go up from here too… and Algorand looks like Solana to me two to three years ago
Delano Saporu: BTC adoption could support recovery
Delano Saporu, founder of New Street Advisors, says greater adoption of Bitcoin should support an ongoing recovery. “You’re seeing more institutions getting involved. We saw that US Bank would offer corporate custody services. “We see Bank of America doing research on Bitcoin as well, so I think there is more room for growth,” he said. He also says that more constructive headlines in the cryptocurrency world will have a domino effect in attracting more funds to the space.
If we get a little more volume in terms of purchases, that will give some momentum and a boost going forward. I think that might push us a little higher here… that’s why I’m still buying. I think it’s an opportunity for investors to really take a little extra care and see if BTC makes sense for them too.
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