According to Analysts Analysts anticipate a positive November for cryptocurrencies.
Bitcoin's trading volume has been declining in recent weeks as alternative cryptocurrencies (altcoins) like ether have risen to new price highs. BTC, the world's most valuable cryptocurrency by market capitalization, has lost roughly 2% in the last week, compared to a 1.5 percent gain in ETH and a 17 percent gain in Solana's SOL token.
In an email to CoinDesk, Alex Kuptsikevich, an analyst at FxPro, wrote, "Active speculators in the cryptocurrency market are jumping from one coin to another, trying to ride the little waves." "If the tide is turning; that is, if the entire capitalisation of the crypto market is rising," Kuptsikevich stated, "this is a positive-sum game."
Some analysts believe bitcoin will eventually catch up to the growth in altcoins next week, pushing the price of BTC above the $64,000 barrier.
The connection between Bitcoin and the S&P 500 has risen over the last month, indicating that investors' appetite for risk remains high. On the other hand, due to market projections of rising inflation and slower economic development, demand for Treasury bonds, which were formerly considered safe assets, has decreased.
For the time being, it looks that investors are moving away from long-duration assets, which are more susceptible to rising interest rates as a result of monetary policy tightening. As investors lower their risk exposure, correlations between bitcoin, equities, and long-term bonds may rise in this situation.
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