In the past week, the crypto market is still in a positive trend with Bitcoin (BTC) showing resilience by moving around the USD 35,000 resistance level.
What is interesting is the significant increase experienced by altcoins, signaling further growth in the near future.
On Tuesday, November 7 2023 at 08.00 WIB, bitcoin was at USD 34,930, weakening 0.37% in the last 24 hours and but still strengthening 1.45% in the last seven day period. It almost reached the price of USD 36,000 on Thursday last week. This is quoted from the official statement, Wednesday (8/11/2023).
Meanwhile, the global crypto asset market capitalization on Tuesday, October 31 2023 at 08.00 WIB stood at USD 1.3 trillion, up 0.30% in the last 24 hours.
The crypto market rose last week thanks to USD 261 million flowing into crypto investment products, continuing the positive inflow for six consecutive weeks. Total inflow over the last six weeks was USD 767 million. Interestingly, this number is higher than the total inflow throughout 2022, namely USD 736 million, according to the CoinShares report.
Among the top 20 crypto assets by market capitalization, several altcoins stood out as the biggest gainers this week. Cardano (ADA) leads, next is XRP, followed by Solana (SOL) and Chainlink (LINK) which occupy the second and third positions respectively with impressive growth.
According to Coinmarketcap on Tuesday, November 7 2023 at 9.00 WIB, several altcoin movements in the last 7 day period. Cardano (ADA) rose 19.23 percent to USD 0.3615. Then, XRP rose 19.05% to settle at USD 0.69.
Solana (SOL) also managed to achieve extraordinary achievements with an increase of 16.24%, reaching a peak of USD 46.33. Currently, SOL is trading at $41.58. Furthermore, Chainlink (LINK) also managed to continue the positive trend in the last week by rising 14.10% to settle at USD 12.90.
Financial Expert Ajaib Crypto Panji Yudha said that the majority of other altcoins also saw an increase, this was partly due to Bitcoin which had reached its peak this year so that some investors and traders turned to altcoins in search of higher profits.
“As long as Bitcoin is able to maintain its highest level, altcoins still have the opportunity to strengthen. However, if Bitcoin falls, you need to be alert to the decline in altcoins,” he said, quoted from an official statement.
Bitcoin had reached its highest level in 17 months where it almost reached USD 36,000 before falling from the price level of USD 35,000. recent strong performance, due in part to optimism over the approval of several spot ETF products in the near term.
Followed by the Hong Kong Regulator, which is considering licensing exchange-traded fund (ETF) trading. This move appears to be another step in the acceleration of Hong Kong’s ambition to become a virtual asset center (crypto hub).
Apart from that, the crypto market is also enthusiastic after Sam Bankman-Fried (SBF), founder of the FTX crypto exchange, was found guilty of seven criminal charges in Manhattan Federal Court on Friday, November 3 2023. SBF will face a maximum prison sentence of 115 years.
