Hello everyone. I hope you are all doing very well. I hope the day brings you joy. As a normal trader myself, I would like to talk about the market today. It is currently in quite good shape. At least as of the time of writing, Bitcoin and other well-known and big coins are doing very well. Especially since Bitcoin has been able to break over the $120,000 resistance barrier. So on a day when Bitcoin holders are ecstatic, I would like to put out a question that might be on some people's minds and some people might just forget about its existence. I am trying to talk about altcoins.
Yes, the same old coins that have been making promising moves over the past year without significant change. In fact, the currency of this community, hive, has never really recovered from the crash it had earlier this year. But I'm sure that is not the only token where you hold all your money. So like myself we are interested in other altcoins as well. Sadly last month, which is also known as Rektember, was hard on the whole market. Historically, it has been one of the sell-off months. But also historically, October has been known as Uptober and it has always been a month of bouncing back and putting up higher numbers for the whole crypto market. So that's I guess one way to expect that maybe something will turn this around. This, along with the recent cut in interest rates from the Federal reserve has presented a unique opportunity. People now have more money to spend because of lower tax rates. And at least some of it will flow into crypto. And then there is another thing. During last month's usual sell-off there were some big moves. Which resulted in 1.7 billion being wiped out of the market. I did write a post regarding that crash last month. So now there is that gap in valuation. These three things might prove to be something substantial.
Finally, we don't know for sure. These are just three things that don't usually correlate with each other, but they have arrived at approximately the same time. So I guess they could work together and give us a better altcoin movement. What if you ask me and my pessimistic mind, I would say all of this would not make any difference and those ETFs will be the only thing that will be driving the market up.
