Crypto Magic: Bitcoin Price Increase Brings Positive Impact On Altcoins And Memecoins

Illustration of one Memecoin (photo: Unsplash)

JAKARTA - Closing February 2024, Bitcoin experienced a positive trend. Where on February 28, for the first time the price of Bitcoin was perched at more than US$63,000 or around Rp989 million.

The increase in Bitcoin was driven by a 42 percent price increase in February, making it the biggest monthly increase since December 2020.

However, the increase in the price of Bitcoin has had a positive impact on other crypto assets, such as Ethereum (ETH) which also experienced a similar increase of 46 percent throughout February, close to the price of 3,500 US dollars (Rp55 million).

Ethereum's movement comes about two weeks before an increase called the Dencun, which is expected to make blockchain cheaper and faster and will also have a positive impact on the layer-2 sector such as; Optimism (OP), Arbitrum (ARB), Polygon (MATIC)," said Crypto's Magical Financial Expert, Panji Yudha.

On the other hand, Memecoin is also getting fresh air thanks to the rise of Bitcoin. In the last seven days period, almost all Memecoins in the Crypto Magic app have increased.

For example, Pepe (PEPE) shot 175 percent, Floki (FLOKI) rose 71.91 percent, Bonk (BONK) jumped 68.56 percent, and Dogecoin, which is currently still a memecoin with the largest market capitalization, also rose 32.34 percent.

The entire crypto asset market has been positively affected thanks to the increase in BTC prices. However, investors and traders are expected to closely follow market developments and be aware of trend reversals that suddenly arrive," said Panji.

According to him, diversifying into altcoins can also be utilized by considering crypto narratives and blockchain technology trends that will occur in the future.