Leading cryptocurrency Bitcoin (BTC) gave back its gains on Friday, falling 2.3% in the last 24 hours, following the rise following the latest CPI data from the USA.
With the decline in BTC, the overall cryptocurrency market also declined, with Ethereum (ETH) down 3.4%; While Solana (SOL) decreased by 4.5%, XRP increased by 3.8%.
While the color red generally dominates the altcoin market, XRP ranked first among the altcoins that experienced an increase.
Why Isn't Bitcoin Rising?
While Bitcoin continues to move in a narrow range, the expected attack has still not come. Because according to analysts, some investors are interested in Mt. He thinks that he remains on the sidelines and does not actively participate in the market due to selling pressure from Gox and the German government. This causes the current price to become more stagnant.
Speaking to Coindesk, FxPro senior market analyst Alex Kuptsikevich evaluated the possibility of Bitcoin and altcoin rallies. Pointing out that there is no possibility of an altcoin rally without Bitcoin rising, the analyst said:
“Bitcoin bounced back to $57k after a failed attempt at $60k on Thursday,
German authorities are actively selling previously confiscated Bitcoins. This sales volume is not very large, but some potential buyers, seeing the excess of sales, prefer to stay on the sidelines.
This causes the price to remain more stagnant and prevents the price from rising further.
Until BTC moves to higher prices, altcoins will not rise either.
“An altcoin season can only begin when prices of major cryptos like Bitcoin hit all-time highs and appear overvalued to some.”
*This is not investment advice.