Recent data show that during the recent market downturn, mid-market penny coins performed better than other digital currencies and generally experienced lower price declines.
to the Report Bitcoin Market The bitcoin market situation has been declining in the last two weeks, followed by the fall of other digital currencies in the market. Of the top 10 currencies in the market, Bitcoin and Ethereum had the most flexibility in the weekly chart.
The market has recently been in a situation where rumors of a rise in prices and the news have had the opposite effect on prices. A major factor affecting the market these days is the news of the bankruptcy of Evergrande, China’s real estate giant. As a result, the level of distrust in the market has been increasing.
Amid the uproar that affected Bitcoin and other major currencies, some digital currencies were able to maintain their uptrend. According to Arcane Research, when the market began to decline, the price of coins with a medium market value began to rise.
In the 30-day chart, the index of mid-market pennies, which includes currencies such as Tezos, Algorand and Avalanche, shows a slight increase in prices. These tokens grew significantly during the third quarter of this year and were among the digital currencies that experienced the largest price declines during the downward trend in recent weeks. However, as shown in the chart below, their 30-day return was 5%.
Major digital currencies such as Bitcoin, Ethereum, Cardano, Solana and Bainance Coin, on the other hand, have generally experienced a 9% decline in the 30-day chart. Smaller assets also had the worst performance during this period, down 14 percent, as of September 21st.
Arkan Research has said:
As is often the case in market turmoil, bitcoin dominance has increased, as altcoins typically play the role of high-risk assets in the digital currency market. Bitcoin dominance rate increased by nearly 1.14 percent last week [توانست] Gain market share in major currencies such as Ethereum, Cardano and Solana.
Bitcoin responds to macroeconomic factors; What is the next step?
In a separate report, QCP Capital Investment Corporation examines the state of bitcoin and the digital currency market in general. Medium market digital currencies have been able to maintain some of their price growth over the long term. Although each currency is affected by its own fundamental factors, it is likely that mid-market value coins will follow the bitcoin price path in the short term.
Bitcoin is now in turmoil in September; The fish that has always been down for this digital currency. Bitcoin also faces challenges, including the possibility of new legislation in the United States and the poor performance of Asian financial markets in the wake of the Overground debt crisis.
September 22 (September 31) is an important day for determining the market trend in the short term, Q&A Capital said in its report. The market will open after a long weekend, and if the downward pressure continues, Bitcoin should be able to maintain the price of $ 40,200.
Kyusipi Capital expects the government to intervene to save the overgrown real estate company. This could be the best case scenario for Bitcoin and the digital currency market. However, there are many doubts about the Chinese government’s approach.
Q&A Capital said:
[تاکنون] No information has been provided by Chinese lawmakers [این مسئله] It scares the market. The fear is that Chinese President Xi Jinping could allow the Overseas to fail on the eve of the 100th anniversary of the Communist Party in 2022 to set an example for other companies in the real estate market. [این کشور] Be. He has previously taken strong action against major technology and education companies. The market is currently underestimating the stock price of Overgrand.