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Bitcoin is rising in value. When does the alt season start?

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Bitcoin is rising

Bitcoin is rising in value. When does the alt season start?

On Monday, the first cryptocurrency rose in price by 4%, its rate exceeded $57.7 thousand. At the same time, other coins lag in terms of profitability. BitXmi experts explained the reason for the increase in the share of bitcoin in the market and predicted the imminent start of the alt season.

On October 11, the bitcoin rate on the Bitxmi crypto exchange updated its maximum since mid-May at $57.7 thousand. Over the past day, the first cryptocurrency has risen in price by 4%. It continues to grow since September 29, when a local minimum of $40.7 thousand was set. Since then, the value of the asset has risen by almost 40%.

The rise in the price of bitcoin is accompanied by an increase in its market share. For example, if in mid-September it was about 40%, then by the current moment it has reached 45.9%, according to Coinmarketcap. At the same time, Ethereum’s share fell from 20% to 18%.

Over the past week, bitcoin has surpassed the largest altcoins in terms of profitability. The first cryptocurrency rose by 19%, while Ethereum – by 5%, the price of Cardano has not changed, XRP has risen in price by 10%, and Solana has fallen in price by 14%.

During the period of active growth of bitcoin, altcoins always show weaker dynamics, as the attention of large players is focused on BTC, experts explain. According to them, for altcoins, the ideal moment for growth is a flat or slow decline.

“If in the coming weeks bitcoin flattens or grows smoothly, this may have a beneficial effect on altcoins,” –  the experts emphasize.

The determining factor for the growth of altcoins will be the increase in the price of bitcoin and the general news background in the market. The fact that the price of bitcoin is approaching a historical maximum indicates the growth potential and the beginning of the altcoin season, experts are confident.

In their opinion, despite the dominance of bitcoin, many altcoins, as a percentage of their current value, will demonstrate much greater growth dynamics than bitcoin. Regarding the reasons for the rise in the price of the cryptocurrency, Bitksmi analysts call the hearings of the US Congress, at which the infrastructure plan of President Joe Biden for $1 trillion was rejected.

Bitcoin is rising in value on lower trading volumes. Such a movement is called divergence and often occurs before the correction and testing of lower levels, and the current lag of altcoins in dynamics from the main cryptocurrency maybe because they are “waiting” for the final trend in the price of bitcoin.

“If we see an update of historical highs for Bitcoin, the rest of the cryptocurrencies can make significant leaps up after him. However, in case of different development of events, the chances for the next season of altcoins are small,” – the experts warn.

Recall that in August 2021, the BitXmi crypto exchange launched the BXMI NFT Marketplace, where you can buy gold, silver, diamonds, and arts with zero fees.

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Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Bitxmi News won't be responsible for any loss of funds.

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