Bitcoin Above $ 57K, Altcoins Fall - What's Happening?
Bitcoin hit a 5-month high on Monday at $ 57,800, up 4%
Oct 12, 2021
1 min read
Anna BakkerNews analyzer

The growth of the first cryptocurrency is taking place against the background of the fall of most of the top twenty altcoins.

“Bitcoin is aiming for new heights by making sure this is not 2018. The BTC dominance index has reached 45% and Bitcoin is in the spotlight at the moment. The impetus for continued growth is considered to be the expectation of the SEC approval of the first bitcoin ETF in the United States.

In addition, the US Senate voted to temporarily increase the US government debt limit, which should positively affect the stock market dynamics and the general sentiment of large investors, who now have great potential to influence bitcoin, ”says Gravity Plus. the analyst team said.

Bloomberg previously predicted that a Bitcoin ETF would be approved by the end of this month with a 75% chance.

Investments in cryptocurrency funds have more than doubled over the past week amid the prevalence of bullish sentiment among market participants, writes ttrcoin.

According to CoinShares, crypto funds raised $ 226 million in a week versus $ 90 million a week earlier. The positive dynamics occurred primarily due to interest in bitcoins - investments in funds based on the first cryptocurrency amounted to $ 225 million.

Altcoin funds, including Ethereum, Litecoin, XRP and Polkadot, showed negative performance. Only funds based on Solana and Cardano continued to attract investment.

The rise in bitcoin is driven by both the activity of crypto whales and the increasing outflow of BTC from crypto exchanges, writes Coinpot.

According to CryptoQuant, the volume of the first currency on the trading floors is now at its lowest level since October 2017. Since the end of last month, the whales have bought another 85.7 thousand bitcoins.

Legendary billionaire investor Bill Miller called bitcoin digital gold and compared his bet on it to buying Amazon stock during the dot-com bubble crash. In terms of altcoins, Miller noted that the chances of success with more than 10,000 existing tokens are "extremely small."

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