Bitcoin It recorded a tremendous increase from $26,000 to $35,000 in October. This increase even reached up to $ 36,000.
However BTC It tried and failed to stay above $35,000 this week.
While the BTC price has generally been stuck between $34,000 and $35,000 this week, Bitcoin’s attempts at upside have been met with selling pressure and BTC There was a decline in price.
Speaking to Coindesk Lucas Outumuro, head of research at IntoTheBlock, commented on this decline in Bitcoin and said that investors are probably taking BTC profits and turning to altcoins.
According to the analyst, investors turning to altcoins altcoin raised its prices.
The analyst pointed out that the superior performance of altcoins is a typical behavior of investors during bull markets. Bitcoin and Ethereumin (ETH) He said that this situation usually happens after big rises.
“Historically, crypto bull cycles have seen Bitcoin rise first. There was a trend in which the initial rise of BTC was followed by ETH, and then investors who took profits from BTC and ETH gradually shifted their capital to smaller altcoins.
This week’s trend was similar. “It seems that this trend is starting to materialize, with BTC and ETH trending sideways, and DeFi and alternative layer 1 tokens making a strong recovery.”
Considering the performance of some altcoins, Avalanche (AVAX), Cardano (ADA) and Polkadot (DOT) increased by 10%-15% in the segment of layer 1 network tokens such as Solana (LEFT) With its tremendous rise, it has increased by 22% in the last 7 days.
*This is not investment advice.
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