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What awaits the crypto market after explosive growth? Bitxmi analysts opinion

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What awaits the crypto market after explosive growth? Bitxmi analysts opinion

Bitcoin is declining in price after updating the historical maximum at around $67 thousand. Experts of the Bitxmi.com crypto exchange explained why this is connected and what is likely to happen next.

Bitcoin’s new ATH

On October 20, the bitcoin rate on the Bitxmi.com crypto exchange exceeded $67 thousand for the first time. The first cryptocurrency rose sharply against the background of the launch of the first ETFs on bitcoin futures in the United States. The Bitcoin Strategy ETF from ProShares began trading on October 19 on the New York Stock Exchange (NYSE). On October 21, it became known that the SEC approved two more exchange-traded funds based on bitcoin futures from VanEck and Valkyrie Investment.

The next day, after Bitcoin’s price, renewed its maximum above $67 thousand, Ethereum also went up sharply. The value of the largest altcoin on the Bitxmi.com crypto exchange rose to $4,375. It approached the high of $4381, set in May this year.

Decrease

After the price of bitcoin exceeded $67 thousand, it fell. At the moment, the rate of cryptocurrency on the Bitxmi.com crypto exchange fell below $62 thousand. At the time of this writing, the asset is traded at $63.0 thousand.

What is the reason?

The current decline is due to investors who bought BTC at the peaks in the spring and are now trying to fix profits or go to zero, analysts of the Bitxmi crypto exchange are confident. In the coming days, the correction may end, and the price may go to the next record highs.

Altcoins

The explosive growth of altcoins may not follow, analysts say, it depends on the behavior of investors – whether they decide to use the current growth of bitcoin to pump coins.

Recall that in August 2021, the BitXmi crypto exchange launched the BXMI NFT Marketplace, where you can buy gold, silver, diamonds, and digital 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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