In October, Bitcoin significantly increased from $26000 to $35000. This increase even reached $36000
In October, Bitcoin significantly increased from $26000 to $35000. This increase even reached $36000.
However, this week BTC attempted to stay above $35000 but failed.
Although BTC prices generally hovered between $34000 and $35000 this week, attempts to increase Bitcoin have encountered selling pressure, leading to a decline in BTC prices.
Lucas Outumuro, the research leader of IntoTheBlock, commented on the decline of Bitcoin in an interview with Coindesk and stated that investors may take profits and turn to counterfeit coins.
Analysts say that investors turning to counterfeit currency has raised the price of counterfeit currency.
The analyst pointed out that the excellent performance of counterfeit coins is a typical behavior of investors during a bull market, which typically occurs after significant gains in Bitcoin and Ethereum (ETH).
From a historical perspective, the cryptocurrency bull market cycle began with the rise of Bitcoin. There has been a trend where BTC initially rose, followed closely by ETH, and then investors profit from BTC and ETH, gradually shifting their funds towards smaller counterfeit currencies.
The trend this week is similar. This trend seems to be starting to become a reality, with BTC and ETH showing a sideways trend, while DeFi and alternative Layer1 tokens are recovering strongly
Looking at the performance of some counterfeit coins, Layer 1 network tokens such as Avalanche (AVAX), Cardano (ADA), and Polkadot (DOT) have seen an increase of 10% -15% in slicing. In addition, Solana (SOL) has risen by 22% in the past 7 days, a huge increase.
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