After the latest Bitcoin halving, there’s been increased interest among traders to examine Bitcoin’s ability to withstand potential prolonged market declines. The concept of “hodling” or holding onto Bitcoin for an extended period is gaining traction in discussions.
According to Santiment, an analysis tool for markets, there’s been a noteworthy shift among investors towards safer assets such as Bitcoin during the X period, while various sectors of altcoins, including those focusing on AI, gaming, DeFi, and memes, have experienced considerable pullbacks.
A cryptocurrency investor on the X platform, identified as @Crypto_Wolfie1, has mentioned that Bitcoin experienced a short-term price increase, but some market participants suspect this is just a temporary uptick against the backdrop of broader indicators suggesting a potential market correction, which have been evident for the past fortnight.
The user expressed that Bitcoin’s influence is increasing, with investors selling off altcoins to transfer funds back into Bitcoin and Tether.
Based on the user’s description,
Traders anticipate that investors will keep shifting from lesser-known cryptocurrencies towards Bitcoin, while simultaneously converting their digital assets into regular currencies due to growing apprehension, anxiety, and uncertainty (FUD) in the cryptocurrency market.
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2024-04-16 21:56