30s Summary

Bitcoin’s value has fallen below $60,000, with crypto trader Justin Bennett suggesting it could reach as low as $57,000. “Uptober”, the expected rise in Bitcoin value in October, has not materialized as predicted. Altcoins are also struggling due to regulatory concerns, though some suggest a Trump win in the US presidential election could benefit them. Despite a drop in the value of Uniswap following a proposed lawsuit, traders believe altcoins are in the “accumulation” phase, with Q4 2024 expected to trigger a crypto market rally. Meme coins like Dogecoin are currently supporting the altcoin market but may increase in value if Bitcoin’s dominance decreases.

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Bitcoin’s value has dropped under $60,000 for the first time since September 18th, and people are wondering if it will continue to go down. Justin Bennett, a guy who trades cryptocurrencies a lot, recently predicted that Bitcoin might dip to $59,000. This has already happened, and now he’s wondering if it will go as low as $57,000. He also mentioned that it’s uncertain if the value will go back up before then.

Even though October is usually a good month for Bitcoin, the value has been declining. Just to put some context, a company that analyzes continuous data patterns of Bitcoin called Santiment noted that fewer people have been talking about “Uptober”, a term that predicts a rise in Bitcoin’s value during October, since the start of this month.

Now, let’s talk about altcoins. Altcoins are basically just like Bitcoin but with different names and values. Some with potentially promising value aren’t doing so well because many projects are being careful and holding back due to regulatory concerns. Ki Young Ju, founder and CEO of CryptoQuant, an analytics platform for digital assets, thinks if Donald Trump wins the U.S presidential election on November 5, it might benefit altcoins. But for now, buying altcoins is like gambling in an unregulated market. Ju believes a Trump win could change regulations and allow altcoin projects to make more money.

Recent regulatory decisions have affected the prices of altcoins. For instance, in April, the value of Uniswap (UNI), a type of altcoin, dropped after Uniswap received a proposed lawsuit notice from U.S regulators.

On the brighter side, traders think that altcoins are still in the “accumulation” stage, especially with the start of Q4 2024, a time that many expect will trigger a crypto market rally. Michael van de Poppe, a trader and the founder of MN Trading, said that the altcoin markets are still in the accumulation phase. He added that the start of a bull cycle is often slow with not much happening.

Jacob Canfield, Signal Profits co-founder, also stated that there are a handful of altcoins and a lot of meme coins (like Dogecoin) that are keeping the altcoin market afloat. He thinks once Bitcoin doesn’t dominate the market so much, these meme coins will become much more valuable. At the time of writing this, Bitcoin’s dominance is 57.79%.

Just a heads up, this is not any financial advice or recommendations. Investing and trading come with their own sets of risks, so do your research properly before jumping in.

Source: Cointelegraph