The price of bitcoin has been under pressure over the past few weeks. The entire crypto market was guided by this time spent on the behavior of the second most important digital asset - Ethereum. Alexander Yanyuk, financial expert at CEX.IO Broker, commented on the current market situation.
Technically speaking, bitcoinhas stabilized above $ 10,000 per coin, so investors are likely to accumulate long positions with a target of $ 15,000. It is also worth considering the factor of bitcoin as a defensive asset in the cryptocurrency market. His position, in this case, is a win-win, because if Ethereum fails and pulls other altcoins along with it, investors will go to a more reliable asset on the crypto market - bitcoin. At the same time, if positive returns to the markets, bitcoin will gain weight along with everyone else, as investors will invest in it to further diversify their portfolios.
If we talk about alternatives that canbypass bitcoin - then it is likely that such cryptocurrencies may appear. But the main question will not be about their value, but about the trust of the crypto community in these assets. While on the crypto market, the reliability of bitcoin is confirmed by its liquidity and interest from investors. Other digital assets are unlikely to be able to quickly gain such authority; for this, something global must happen to Bitcoin. Therefore, in the near future, despite the flexibility of the cryptoindustry, Bitcoin will retain its leadership.
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