Crypto Magic: Altcoin Strengthens Follow Bitcoin Positive Trends

Positive Bitcoin trend (photo: Unsplash)

JAKARTA - In the past week, the Crypto Assets market was still in a positive trend. On Tuesday, November 7 at 08.00 WIB, BTC perched at a price of 34,930 US dollars (Rp545 million) weakened 0.37 percent in the last 24 hours, but still rose 1.45 percent in the last seven days.

The increase in the crypto market in the past week was followed by an increase in a number of altcoins. Cardano (ADA) leads with an increase of 19.23 percent perched at 0.3615 US dollars or IDR 5,641.

Followed by XRP strengthening 19.05 percent perched at 0.69 US dollars (Rp10,767), Solana (SOL) with an increase of 16.24 percent had reached the peak of 46.33 US dollars (Rp723 thousand).

Crypto Financial Expert Ajaib Panji Yudha said that the altcoin increase was caused by Bitcoin, which has peaked this year, bringing some investors and traders to altcoins for higher profit.

As long as Bitcoin is able to survive at its highest level, altcoins still have the opportunity to experience strengthening. However, if Bitcoin plummets, it is necessary to be aware of the decline in altcoins," explained Panji.

According to Panji, in the next week, Investors will need to pay close attention to further developments around the Bitcoin ETF, in which anticipation of a negative price in the short term if the Bitcoin spot ETF is again postponed by the SEC.

In addition, within the SEC with the ongoing Ripple, further developments are expected to occur on November 9, in accordance with a court order dated October 24, 2023.

"Both the SEC and Ripple are required to propose a briefing schedule regarding the charges imposed in the case. This step follows the court's decision that XRP's institutional sales issue is still unresolved," he said.