Bitcoin Reaches IDR 1.91 Billion, Altcoin Soars Up To 50 Percent
JAKARTA - Bitcoin shot up, scoring a new high price of up to 118,000 US dollars (Rp1.91 billion) today, which was the same after previously Bitcoin was perched at the level of US$116,000 (Rp1.88 billion).
The increase in the price of Bitcoin also raised the prices of large altcoins such as ETH, DOGE, XRP, ADA, SUI, LINK, and SOL, which on average rose more than 5%. Several other major altcoins with smaller market capitalizations such as ALT, REZ, SAGA even increased 24 hours around 50%.
Analysts at Reku, Fahmi Almuttaqin, explained that this price increase was influenced by the short wage phenomenon. This means that many investors who previously predicted prices would go down (short selling), were forced to close their positions because prices actually rose sharply. This forced closure actually encourages prices to rise.
Fahmi also explained that the current surge in market activity and optimism could open up opportunities for further price increases in the near future. However, investors must remain vigilant because price spikes are too fast often followed by declines.
"The open interest spike and the transfer of sentiment to long positions can open up opportunities for further price increases in the short term, but extreme volatility must still be anticipated," explained Fahmi in a written statement.
SEE ALSO:
On the other hand, the policy of the US central bank (The Fed) is also a market concern. Until now, the Fed has not given any signs of lowering interest rates in July. The development of US economic data will still greatly affect the direction of the Bitcoin price movement in the near future.
Meanwhile, from the Altcoin sector, Fahmi saw that ETF sentiment could potentially develop in the fourth quarter in line with the involvement and support of President Trump, making crypto assets other than Bitcoin no less attractive.
"The price corrections that have occurred in the past few months that have put the majority of altcoins at a fairly low level of valuation relative to their historical price levels can also increase the attractiveness of altcoins," he concluded.