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Bit-comment: Altcoins on the rise

Altcoins have also demonstrated incredible dynamics for the last few years. The most remarkable was the growth of Bitcoin SV, which at some point exceeded 100%. Such growth is associated with the long-standing confrontation between Bitcoin Cash and Bitcoin SV, which means that we may soon see a sharp decline.

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The Bitcoin stopped the rally on the morning of January 15 at around $8,850. By the beginning of the working day, the benchmark cryptocurrency had rolled back to $8,600. The Bitcoin domination index fell sharply from 68% to almost 66%, which clearly indicates the diversification of investors’ funds.

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In any case, almost all altcoins were deep in the green zone, attracting demand at historic lows. However, already now we can see attempts to take profit, as there is a wide pool of investors, who entered the market already at the lows and for them, such a rebound will be quite enough. In the near future, the market will need to pass a test for the ability to hold the gained heights. A sharp sell-off can seriously hit investor sentiment.

The FxPro Analyst Team


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