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Why buying altcoins could be worthwhile now - top 3 reasons

 


How are cryptocurrencies developing at the moment?

We are actually in a bear market, which has resulted in massive losses in almost all cryptocurrencies since the end of 2021. But after losses of between 80 and 90 percent, there has been a trend reversal in recent weeks. Recently, many coins / tokens have seen double-digit price increases. 


Which altcoins are rising the most at the moment?

Bitcoin fell below $20,000 in June. Within the last few weeks, however, the price was able to climb back above the $24,000 mark and thus recorded an increase of almost 25%. However, Bitcoin still performs weaker than many other cryptocurrencies. Among the altcoins that have risen sharply in recent weeks, Ethereum is the most notable. The ether price even fell below the $1,000 mark in June. Most recently, however, Ethereum scratched the $2,000 mark again. 


Why have altcoins surged in recent weeks?

As already described, the altcoins have risen more strongly in recent weeks. This is due to several factors:


1. Better economic data from the US

The price development of the cryptocurrencies has been increasingly dependent on the development of the stock markets in the last 2-3 years. These markets have rebounded in recent weeks. The good economic data from the USA ensured this. There, the consumer and labor market data point to a positive development in the coming months. These factors have kept the markets up again in recent weeks.


2. Relief after rate hikes 

The interest rate hikes by the central banks caused massive losses on the markets in the first half of 2022. Bitcoin and the entire crypto market reacted to rumors and ultimately to interest rate increases with heavy losses.


3. Ethereum-Merge

The Ethereum merge is said to be finally complete in August 2022. This is one of the reasons why the Ether course in particular has risen the most in the last few days and weeks. But the ERC-20 tokens based on the Ethereum blockchain will also benefit from this upcoming event. Ethereum generally has the greatest impact on altcoins.


The altcoins are posting strong gains, especially in a very bullish market. For now, however, we are in a bear market. There has been a mild bullish trend in recent weeks that has sent altcoins higher. A further price increase in the coming weeks is possible, but not guaranteed. 


But an investment in altcoins should be worthwhile, especially in the long run. Because if prices don't rise in the next few weeks, they should do so at the latest in the next big bull market. At the moment the prices are still very low due to the bear market and you could get good returns in the next few years.

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