Traders flock into altcoins as Bitcoin price trades sideways

Traders flock into altcoins as Bitcoin price trades sideways

The bullish momentum seen throughout the week has spilled over into the weekend as the majority of the top-100 tokens listed on CoinMarketCap are posting double-digit gains. 

Bitcoin (BTC) entering a brief consolidation period and the possibility of a third round of stimulus checks for American citizens are two possible reasons for today’s bullish price action.

Traders flock into altcoins as Bitcoin price trades sideways
Daily cryptocurrency market performance. Source: Coin360

While there are concerns about the recent large Bitcoin inflows into South Korean exchanges by BTC whales, fundamentals factors like miner sentiment and decreasing supply are keeping investors feeling relatively optimistic about Bitcoin’s future price prospects.

A growing number of experts have voiced their opinion that Bitcoin’s recent bullish surge is due to outflow from gold as the top cryptocurrency is quickly becoming the preferred inflation hedge for the millennial generation.

Bitcoin finds a new range in uncharted territory

Title: Traders flock into altcoins as Bitcoin price trades sideways
Sourced From: cointelegraph.com/news/traders-flock-into-altcoins-as-bitcoin-price-trades-sideways
Published Date: Sat, 09 Jan 2021 22:36:08 +0000

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Wayne Roberts

Wayne Roberts – Business News   I am Wayne Roberts, I have done my bachelor’s in English literature, and further on I did my master’s in business. My most preferred genre of writing is business and finance. I have been writing from the past 5 years about articles, web content, and blogs. In my career and education, I like to play along with work. I have also been a teacher in the past for 4 years. I use to teach business and technical writing in a very famous university. However, most recently I am working as an instructor, designer, and training writer. I enjoy socializing a lot. I am a very big extrovert when it comes to my nature. A part of all this I enjoy exploring the world and traveling make me happy.

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