After Declining For A Week, Bitcoins And Altcoins Ready To Rise This Week?

Illustration of crypto assets (photo: Pixabay)

JAKARTA - On Wednesday, August 14, the price of Bitcoin improved again to the level of US$60,718 or equivalent to Rp953 million, after previously slumping to the level of US$49,000 (Rp768 million).

The increase appears to have been followed by an increase in a number of other crypto assets such as Ethereum which increased 7.84 percent, XRP 13.56 percent, and Toncoin which increased 11.24 percent in a week.

Crypto Analyst Reku, Fahmi Almuttaqin said the increase was likely caused by the saturated situation of selling due to the corrections that had actually taken place since July 21, although a significant decline occurred on August 5.

"However, the sustainability of this strengthening will still be greatly influenced by the development of conditions, including the macroeconomic situation in the United States," Fahmi said in a written statement.

Consumer Price Index (CPI) data and US retail sales in July which will be released on August 14 and 15, according to Fahmi, could potentially affect the dynamics that are developing in the market.

"This uncertainty can make investors tend to be more careful, especially with high-risk investment instruments such as crypto assets" he continued.

While some investors may still tend to be careful, Fahmi said that the development that has occurred in the altcoin sector in recent weeks has attracted attention.

"Not a few altcoin projects have released new features that are interesting or have started to record an increase in the number of transactions and active users after the previous decline," said Fahmi.

The current situation in the altcoin ecosystem is relatively different from what happened in the 2018 cycle where the current development of existing products has generally entered a relatively more mature stage with much higher quality.

"If blockchain applications have been synonymous with applications that are not user-friendly and require certain understanding to be able to use them, now many projects have innovated by developing a new approach to making access to Web3 applications not much different like accessing Web2 applications that we have used a lot so far," concluded Fahmi.

In the midst of these positive developments, many altcoins, especially with the capitalization of the medium market, are currently being significantly corrected, despite the development and innovation of the products they have successfully launched.