Bitcoin Touching 30k, A Good sign for ALT COINS

Image from BTC price chat

Bitcoin reached $30,000 again yesterday, this time in a gradual and steady climb. For cryptocurrency investors, and especially Bitcoin investors, this is fantastic news. The possibility of this sparking the next market-wide bull run is high. I don't just say this because BTC hit $30,000; I say it because the market seems to be holding steady without dropping.

A lull before the storm, it seems. In the past, if BTC pumped slowly, it signalled the beginning of a new bull run season. Rising Bitcoin prices are positive for investors, long-term holders, and anyone trying to keep some Bitcoin for symbolic reasons. In the same way that Bitcoin can be exchanged for other cryptocurrencies, Bitcoin can be exchanged for other cryptocurrencies on many different exchanges. That's why it's common to hear that Bitcoin has a lot of sway over other cryptocurrencies.

That was the last of the crypto winter?

No, I still don't think crypto winter is over. Getting through this crypto winter would allow many people to start cashing in their gains, which is something we can all agree on. There may be investors who wish for a longer crypto winter so they can make more purchases. The end of crypto winter and the beginning of a new bull run usually coincides with BTC's pumping and going above a certain value, at which point there is a massive buying pressure from people that pushes BTC price even further.

I anticipate a gradual increase in the price of BTC, though 2024 has the potential to be a breakout year. Many alternative cryptocurrencies were celebrating their success at the beginning of last year. But this year has started out much more slowly than usual. It's challenging to foresee the market's future course. We hope things will improve gradually, but much of that will depend on BTC's price. Some of my acquaintances have been stocking up on Bitcoin in anticipation of its imminent price surge to $60,000. This is something I have been doing with Steem.

Alternative cryptocurrencies would rise in value?

When the price of bitcoin goes up, it usually takes a few days, sometimes a week or more, for the price of altcoins to follow suit. Bitcoin's rise and stability would be the first indicator, followed by the gradual ascent of alternative cryptocurrencies. In this attempt, we propose initially pumping the prices of coins that trade hands with Bitcoin. Following the market's lead, many people would ramp up their purchases or decrease their sales. If that were to occur, the price of alternative cryptocurrencies would follow suit.

Existing investors engaging in the trading game might not be very helpful. More new players from the real world are needed who are interested in learning about these blockchain concepts and heavily investing in the ecosystem. Instead of acting like a pump and dump, very large investors from all over the world should be making genuine purchases.

People typically wait for Bitcoin to rise a little before investing in altcoins, as the price of altcoins would show a small sign of an increase in price within a few days. Alternative cryptocurrencies have a bright future. At the very least, they've increased by 1%. Two cents have been added to each Steem. I'm hoping to make a few extra nickels in the next few days.