해당 글의 목차
Bitcoin closed at 92.44 million won, up 0.2%.
On July 24, 2024, Bitcoin’s closing price rose slightly to 92.44 million won. Ripple (4%) and StolX (15%) followed suit in terms of trading volume. Meanwhile, Ethereum has shown a steady decline since the issuance of its ETF spot.
As the transaction volume of Bitcoin, commonly referred to as the “ledger coin,” continues to decline and interest in the world, including South Korea, declines, expectations for Bitcoin’s bull market are lowering.
Is 2024 the End of the Altcoin Vision?
Unlike mainstream coins that surged in the first half of the year, altcoins have not risen. Therefore, while high-volume coins, including Bitcoin, are currently stagnating, many investors are placing their hopes on altcoins.
But the expert’s view is not like that.
Most coin experts predict that the trading volume of altcoins has already surpassed the peak of 2021 as of March, when the bull market was in full swing, and that the large number of altcoins will not be able to reach the previous high price, but will show fluctuations opposite to the actual expectation.
In particular, I would like to add that everyone should move cautiously in 2024, a year that saw two major waves.
What is the vision of mainstream coins like Bitcoin?
Following the major Ethereum hack yesterday (July 25, 2024), the credibility of spot ETFs has been significantly undermined. Negative public opinion is seething, with some suggesting that not only Ethereum but also Bitcoin is no longer safe.
The prevailing opinion among experts is that it is absolutely not recommended to make excessive investments in the first half of the year, when all the issues of a rebound have passed, and in the second half of the year, when negative factors are piling up, and that a passive investment approach is necessary.
Will August be different for cryptocurrencies?
With no special events scheduled for August and speculation that ETF spot markets are in a bubble, trading volume is expected to gradually decline. Furthermore, with Trump’s approval ratings rapidly rising, the dollar is expected to outperform cryptocurrencies, raising questions about whether cryptocurrencies can preserve their full value.
Overall, the current cryptocurrency market is not doing too well, and unless there are any significant events, most people recommend waiting until the second half of the year.
What August event could turn this around?
While many believe Trump will significantly strengthen the dollar, there are also quite a few who believe he will significantly ease regulations on cryptocurrencies.
Therefore, it is expected that major events such as Biden’s resignation could trigger a short-term surge.
However, this is likely to be a short-term adjustment, and it is too early to expect President Biden’s resignation, so it is difficult to view it as an event.
