Bitcoin Sideways, How Are Altcoins Performing and Opportunities for Crypto Investors?

Bitcoin illustration (photo: Unsplash)

JAKARTA - The increase in Bitcoin (BTC) prices slowed in the last two weeks of November. Even though it had reached 38 thousand US dollars (IDR 588.3 million), the BTC price experienced another correction and is now in the 37,000 area (IDR 572.8 million).

Crypto Analyst Reku, Fahmi Almuttaqin said this condition occurred because there was a balance between positive and negative catalysts which pushed the BTC price to be relatively stable.

Fahmi continued, based on historical data, when the BTC price does not move too much, there is usually a tendency for altcoins to experience significant price fluctuations.

Reporting from Coinmarketcap on November 29, 2023, a number of altcoins that experienced significant increases in the week included Blur (BLUR) which rose 50 percent, Axie Infinity (AXS) increased 21 percent, and Maker (MKR) appreciated 5.6 percent.

“This indicates a positive trend towards altcoins when BTC consolidates. "The increase in prices of several altcoins is also supported by a number of positive achievements or developments regarding the products or technology being developed." explained Fahmi.

Overall the crypto market, even though Bitcoin is experiencing sideways, the potential for a bull-run in December is still visible. However, Fahmi said the possibility of correction was still very open.

"The current market situation is very supportive for investors to re-evaluate their investment strategies and theses. "That way, investors can readjust the composition of their crypto asset portfolio as well as their trading and investment plans to prepare for the potential for an even bigger bullish phase," he said.

Meanwhile, for novice investors, Fahmi said that the current situation could be used to prepare investment plans, so that they have an appropriate strategy and are better prepared when market fluctuations increase.