Why are altcoins rising? Will the rise continue? Crypto Market

With the month of May, Bitcoin experienced a huge drop to the $29000 support. Investors and analysts wonder if the bear season is coming about this decline. With the month of August, both Bitcoin and Altcoins burned green candles and started to rise. Crypto market news.

With the Hard Fork in ETH before the rise of Bitcoin, more than 12000 ETH was burned. However, ETH exceeded the $3000 threshold and ignited the high. With the rise of ETH, Altcoins are expected to rise to higher prices. So the expectations are a mega altcoin rally, with this mega altcoin rally, many coins will reach very high prices.

Why are altcoins rising?

The pandemic, which deeply shook our social life, also affected our incomes at the same rate. Many people have left their jobs and are confined to their homes due to pandemic bans. People whose incomes decreased began to do research to earn income with the capital they had finished, and many people first turned to stocks, and virtual money investment came to the rescue of those who could not find the earnings they hoped for in stocks.

Cryptocurrency investments have increased popularity tremendously with the pandemic. On the crypto exchange, which is the favorite spot of millions of investors, Bitcoin alone has reached an investment volume of 1 trillion dollars. Ethereum, the father of altcoins, has also reached a volume of more than 500 million dollars. Of course, the main factors in reaching this volume were corporate companies that invested millions of dollars in the crypto market. Briefly, to explain the corporate companies that invest the most among these companies, these are;

Grayscale;

Grayscale is the first company that comes to mind when it comes to institutional investment company in the Bitcoin and crypto money industry. Founded by Barry Silbert in 2013, this firm mainly focuses on Bitcoin. However, after Bitcoin, Grayscale also has investment funds in some other cryptocurrencies such as Ethereum (ETH), Ethereum Classic (ETC) and Bitcoin Cash (BCH).

MicroStrategy;

In fact, although institutional investment companies such as Grayscale have done very important work for Bitcoin and altcoins and contributed greatly to their current volume, it would not be wrong if we say that one of the biggest contributions to the wind blowing towards cryptocurrencies came from MicroStrategy. With the purchases made in two months, MicroStrategy suddenly became the owner of a very loaded BTC. Michael J. Saylor, the founder and CEO of the company, makes statements praising Bitcoin at almost every opportunity. Considering that Saylor tweeted in 2013 that BTC was ‘ending’, it seems that the leading cryptocurrency almost turned the ideas of the successful CEO upside down.

Tesla;

Tesla, the company of Elon Musk, one of the richest in the world, also bought $ 1.5 billion in Bitcoin last February. However, Elon Musk also made investments in both Bitcoin and Doge coins. So much so that Doge coin rose to the 4th place in the coinmarketcap volume ranking, surpassing the top 10 coins such as Tether (Usdt) and Ripple (Xrp).

With the investments of many more institutional firms, the crypto sector has gained a great investor momentum.

Bitcoin and altcoins, which experienced a great collapse with the negative news in May, reach high volumes again with the month of August we are in. I interpret the positive news and voluminous investments as the footsteps of the mega rally.

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crypto-market-1-scaled.jpg

What are the current positive news about cryptocurrencies? – Crypto Market

With the month of August, positive news came one after another. However, Bitcoin and altcoins are also coming in price increases. The highlights of these positive news are:

  • Hard Fork program of the Ethereum blockchain
  • Marathon Digital Holdings has purchased 30,000 S19j Pro Bitcoin mining devices from Bitmain.
  • Australian crypto exchange CoinJar has partnered with Mastercard for crypto cards. With the partnership, CoinJar Card users will be able to shop with crypto money “anywhere Mastercard is accepted”.
  • Google lifted the ban on ads on Bitcoin and crypto money, which it put in March 2018. Starting today, crypto companies will be able to resume advertising on the Google search engine and on many websites using Google Ads.
  • American company OLB Group, DMint Inc. He is establishing a crypto mining company under his name. The company, which will be a subsidiary of OLB Group, will start mining in 2021.
  • According to CoinDesk, America’s largest bank JPMorgan has launched an in-house Bitcoin fund for its wealthy clients.
  • 1 billion USD worth of USDT was printed.

Well, if you ask whether there is always positive news or not, there is of course also negative news.

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What are the current positive news about cryptocurrencies? – Crypto Market

SEC Chairman Gary Gensler believes that without legislation, the cryptocurrency market cannot fulfill its full potential, there is no need to rush to approve Bitcoin ETFs, and many cryptocurrencies should be subject to SEC regulations.

Senate discussions on crypto-related measures in the U.S. infrastructure bill have ended with the suggestion that the original unmodified bill will be voted on Tuesday.

In short, the negative results of the senate meeting may cause the market to decline. Therefore, it will be a lifeline for you to follow these negative news while making your investment.

Let’s interpret both Bitcoin and crypto total market cap (Total2) graphics.

For the pricing of both Bitcoin and altcoins, it is essential for Bitcoin price candles to hold at the $42400 support and break the $46500 resistance. Otherwise, it may return to the support of $38000 again, and this will trigger a bad fall when altcoins are crushed.

Let’s come to TOTAL2, that is, the investment volume graph in theç continue the rise and experience the bull season and make high profits. Therefore, investing by following the breakdown of this resistance is much less risky.

Of course, when the risk is low, the profit may be a little less, but I can say that it is a more guaranteed investment.

Determine your own risk.

I’ve come to the end of my analysis, thank you for reading. I hope it was a useful writing. With a good bull season, I wish everyone to get a great return on their investment, I wish you happy days and lots of profits.

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